American Land Title Association
Home  >  News Room
News Room

SoftPro is the nation's leading provider of Real Estate Closing and Title Insurance software

Federal Shutdown Could Delay Closings

April 7, 2011

A federal government shutdown could have an impact on the ability to close transactions.

Several agencies released details about their plans if the government shuts down, which could happen Saturday if a budget compromise isn’t reached.

In the event of a shutdown, the U.S. Department of Housing and Urban Development’s Federal Housing Administration would cease operations. According to the FHA, new loan guaranties would not be processed. It’s been reported lenders could still approve loans, according to FHA guidelines, to get deals closed, and then get FHA to endorse those loans after the fact.

Fannie Mae and Freddie Mac would not stop operations during any shutdown. Operations at the Department of Veterans Affairs also would continue.

Print Friendly

How To Find Us:
American Land Title Association
1828 L Street, NW, Suite 705
Washington, DC 20036-5104
P. 202.296.3671 F. 202.223.5843
Copyright © 2004-2014 American Land Title Association. All rights reserved.
SecurityMetrics for PCI Compliance, QSA, IDS, Penetration Testing, Forensics, and Vulnerability Assessment