“This is going to be very disruptive to the mortgage industry and pretty much result in a freeze of the pipeline,” said Craig Strent, CEO of Bethesda, Md.-based Apex Home Loans. “New loans can be taken, but without IRS and Social Security number verifications, [they] will not be able to proceed to closing.” – CNBC
We’re watching this situation very closely. The lenders that I spoke with yesterday were unsure exactly how the government shutdown will impact real estate closings in Connecticut.
Suffice to say the longer the shutdown the greater the impact.