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What the Government Shutdown Means for REALTORS®? |
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The following information is provided by the National Association of REALTORS®. The latest updates have the titles highlighted: IRS: The IRS is closed and has suspended the processing of all forms, including requests for tax return transcripts. These transcripts are required by many lenders for many kinds of loans, including FHA and VA, so delays can be expected if the shutdown is protracted. NAR has heard that many loan originators are adopting revised policies during the shutdown.
Social Security Administration: The Social Security Administration is closed and has suspended most customer service functions. Verifying Social Security numbers through the Consent Based SSN Verification Service will also be suspended during the shutdown, a further complication for mortgage processing. As with IRS income verification, policies vary among lenders. Federal Housing Administration: FHA will continue to endorse new loans in the Single Family Mortgage Loan Program during the shutdown, but it will not make new commitments in the Multi-family Program. Contractors managing the REO portfolio can continue to operate. You can expect some delays with FHA processing.
VA Loan Guaranty Program: Lenders will continue to process and guaranty mortgages through this program, but you can expect some delays.
Flood Insurance: The National Flood Insurance Program will not be impacted, since this program is funded by premiums not tax dollars.
Fannie Mae and Freddie Mac: Fannie and Freddie will continue operating normally.
Treasury: The Making Home Affordable program, including HAMP and HAFA, will not be affected by the shutdown.
Rural Housing Programs: For the US Dept. of Agriculture programs, essential personnel working during a shutdown do not include field office staff who typically issue conditional commitments, loan note guarantees and modification approvals. If a lender has already received a conditional commitment from the Rural Development office, then the lender may proceed to close those loans during the shutdown.
NAR will post updated information at www.Realtor.org/governmentshutdown. Click here for a PDF version of this acticle |
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Hale Elected Chair of VHDA Board |
Kit Hale
| VHDA's Board of Commissioners has elected Kit Hale of MKB, REALTORS® as its Chair. Hale will serve in this position for two years. The Board is comprised of 11 Commissioners, all appointed by the Governor. Created in 1972, the Virginia Housing Development Authority is a 9 billion dollar company and is recognized as one of the most outstanding housing finance agencies nationwide. VHDA helps Virginians with low to moderate incomes buy their own homes, helps finance affordable quality rental housing and helps people with disabilities and the elderly make their homes more livable. Since its inception, VHDA has financed more than 174,500 home loans and 135,000 rental units. |
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Roanoke City's New GIS Website |
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On July 1st, the City of Roanoke released its new Real Estate GIS website to the public. Although the former GIS website remains available through the end of the year, there are four (4) reasons why your decision to switch now is a good one: - The maps are visually stunning (prettier)
- The maps and the property search features quickly respond to the user (faster)
- The entire GIS website (viewing maps, as well as retrieving specific property data) is very intuitive (easier)
- A variety of Basemaps combined with dozens of optional layers, allow the user to create the ideal map to meet their needs, and then, with a single click convert the map to a PDF file. The Advanced Search capabilities allow many more options for narrowing down a search. Once the search is refined, then the resulting data can be viewed and/or exported (more powerful)
As a companion to the website, a Help & Information Guide is available as a PDF download.
Prettier, Faster, Easier, More Powerful: A good way to describe the City of Roanoke's new GIS website. New GIS Website | Help & Information Guide | Screenshot |
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