As the shutdown of the federal government entered its second week, private mortgage insurers alerted clients and potential clients they will insure mortgage loans if the Federal Housing Administration, operating with a skeleton crew, jeopardizes closing dates.
CUNA Mutual Group Mortgage Insurance said it is preparing a document for its website that will alert client credit unions to how the firm can assist, including relaxing requirements for verbal verification of employment in situations where a member's agency employer might be shut down, according to CMGMI spokesman Joel Luebkeman. This policy also extends to IRS verifications as well, Luebkeman said.
"We want to be clear that we are in full accord with what Fannie Mae has said about underwriting criteria in the case of furloughed government employees," he said, adding that CMGMI still considers the shutdown a temporary or shorter term interruption to government operations.
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