Shutdown could slow mortgage lending

Posted by Bonnie Martin Designated Broker on Friday, October 4th, 2013 at 5:54pm.

houseonmoney__voronin76_450money.cnn.com - One problem lenders might face involves the Internal Revenue Service.

Before closing on a mortgage backed by Fannie Mae or Freddie Mac, banks must verify a borrower's income with the IRS. But IRS operations are curtailed because of the shutdown, and the agency won't be available to handle the paperwork the banks need to close on the loans.

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