I had the pleasure of meeting Nathan Ives, Writer and Director of "It's Not You, It's Me" at the Varsity in Chapel Hill. The movie is a refreshing and entertaining look at the seemingly depressing breakup process. It is funny, sad, raw, edgy, clever and engaging! I highly recommend it!
Follow the film on Twitter and facebook! Be sure to check out the website for free screenings.
The past week has been dark and gloomy with all of the rain and dark skies. I visited Urban Ministries of Durham to catch up and make a donation. I made a commitment to donate $100 every time I sell a home. When I was leaving in my dry car and going to eat a hot cooked meal at a restaurant and go to work in a warm dry office... It just puts things into perspective. I'm always thinking of ways I can help and you can too. Take a look at the video for their current needs.
The GOVERNMENT SHUTDOWN that goes into effect today may have implications for your buyers/sellers who are currently under contract. Below are brief highlights on items that may affect a loan receiving approval and meeting your assigned closing date. Please take this information and prepare your clients appropriately. Hopefully our leaders in Washington will finalize the budget for FY2014 quickly and avoid these issues.
1. IRS 4506T and lender receiving tax transcripts for loan approvals. The IRS WILL NOT be processing 4506T requests during the shutdown. It is unclear if local IRS offices will be in full or part-time operation. If they are operating have your client contact the local IRS office and go and obtain a copy of their tax transcripts and have them provide them to their lender. The lender should be able to accept them to complete the loan approval.
2. USDA has not issued guide lines yet, but indications are that they may be similar to those in 2011 contingency plans. Under this plan the RD would cease all but essential functions and no new loans will be made.
3. HUD/FHA/Ginnie Mae - should not be significantly impacted as long as the shutdown is brief.
• FHA will be able to endorse single family loans during the shutdown, however, only a limited number of FHA staff will be available to underwrite and approve new loans thus potentially delaying approval processes.
• If FHA runs out of commitment authority during the shutdown the Lenders Insurance (LI) will be suspended.
• If a lender submits loans for approval and it is in the pre-closing stage, FHA staff will NOT be available to underwrite and approve the loan.
4. VA - VA loans should not be affected by shutdown. There are other issues surrounding the Federal Reserve, Social Security, SEC, Flood Insurance, etc...