How the Partial Government Shutdown Affected Tennessee Mortgage Loans

In the wake of the U.S. Government shutdown, you may be wondering: How did it affect Tennessee home mortgage processes? There are two primary ways a borrower may have been inconvenienced from October 1 through 16: First, the United States Department of Agriculture (USDA) wasn't available, so that meant USDA loans weren't available until the USDA opened its doors again. Second, the Internal Revenue Service (IRS) weren't able to respond to people asking for 4506-T request forms. This particular form is a request for taxpayer transcripts, and many lenders require borrowers to provide this form prior to closing. Similarly, Social Security number verification also became a problem during this period. Fortunately, all that's over and done with now. USDA loans are again available (although reports state that they're backed up approximately 25 days), the IRS is issuing tax transcripts once again, and Social Security number can again be confirmed.

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