Tuesday, October 1, 2013

Rural Development/USDA, Guaranteed Underwriting System (GUS) , FHA and VA Mortgage loans in Kentucky

As you may or may not be aware, the Federal Government has furloughed all nonessential personnel until a determination can be made as to the spending plan for the fiscal year that started today, October 1, 2013.

Rural Development/USDA, Guaranteed Underwriting System (GUS) , FHA and VA Mortgage loans in Kentucky 

There are a number of industry-related repercussions which we have attempted to
outline below to the best of our knowledge at this point in time.

IRS
Tax transcripts will continue to be ordered however they will not be processed by the 
IRS until their operations are restored. Loans cannot close without this documentation.

Rural Development/USDA

The Guaranteed Underwriting System (GUS) is currently offline. USDA offices are closed 
and therefore cannot issue conditional commitments or guarantees during this time. 
USDA loans cannot close without a conditional commitment. FCM is still accepting and 
underwriting new RD submissions at this time. For those RD loans which have already 
received a conditional commitment there should be no operational changes.

FHA

FHA files are not likely to be affected so long as the shutdown does not last an extended 
period of time.

VA



We do not anticipate any affect on VA loans transactions