Thursday, October 3, 2013

Government Employees / VA and FHA ... We are still closing loans ...

Government Shutdown and its impact to Loan Originations

The government shutdown has adversely affected two areas of mortgage originations across the industry.  Tax transcripts are not available for any borrowers and in many cases, it isn't possible to obtain a verbal verification of employment for government employees.

1st Portfolio Lending’s Solution

While we wait for the political stalemate to end, we recognize the adverse effect not being able to obtain tax transcripts and verbal VOEs could have on our borrowers.  Fortunately, 1st Portfolio is doing business as usual and will hold the loan until the Government gets back to work.  

For Conforming, FHA, and VA loans eligible for sale to 1st Portfolio, we will accept one year’s tax returns in lieu of transcripts, if our receipt of transcripts is delayed due to the shutdown.  We still will rely upon transcripts if they are available.  For Verbal Verification Of Employment, all attempts will be made to obtain them for government employees, but if we are unable to confirm employment due to the shutdown, we will not delay or cancel settlement.

We value our clients and appreciate the trust you place in us.  Call us today for help with your next mortgage.

Robert F. Rosenbaum, Jr. 
The Rosenbaum Lending Group
1st Portfolio Lending Corp.
8300 Boone Blvd., Ste 200
Vienna, VA 22182
(703) 879-5200  Office
(703) 608-1110  Cellular
(703) 891-9815  Direct Fax
NMLS License: 649782
Notary Public

Kuntri Yonkwan
Loan Processor
(571) 327-2152 Office
(703) 564-9121 Fax

Please click HERE for our secure online application. 

It’s a good life!

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