Tip:
Highlight text to annotate it
X
hey guys this is Shayla Gifford with Guild Mortgage, just doing my weekly video blog,
wanted to give you an update on the business and overall real estate community. this week
I want to talk about the government shutdown, it is ten days in and we are still shut down!
So a lot of people are wondering how that is going to affect the ability for us to close
on their loan. There are very, very few loans that are being affected by the shutdown within
Guild Mortgage. Because we service 80% of our loans, we originate directly for Freddie
Mac, Fannie Mae, FHA, VA, we are still funding those loans without verifying Social Security
numbers, and without verifying tax returns. The loans that cannot be closed right now
are USDA loans. USDA is completely shut down, you're not going to get that loan closed with
anybody because USDA cannot issue a conditional commitment. The other loans that you'll have
an issue with are loans that go to an investor, such as a Jumbo loan, or a super-conforming
loan, many of which we do not deal with at our local market. But the investors, you know,
are not willing to close without verifying tax transcripts, or verifying social security
numbers. So if you've got problems, you have a loan that cannot be closed because another
lender, they sell those loans, we would love to help you. The earlier you jump on it the
better, because if you move the loans to another company, you need seven days to disclose.
The other thing I want to tell you is that we have our Lunch and Learn class next week.
Wednesday, Builder's Association, 12 to 1:30pm, we've got a really special guest that's going
to do it for us. Her name is Kendra Cooke, I have no idea how she's going to find the
time to jump on the call from Tennessee to help us out, but she is a CORE coach, I think
she does, year to date, about $25million is real estate, she's done about a hundred sites,
just landed a big builder account, she does a lot of fun things in that market. It's going
to be called Parties for Profits. So how to be more social, have more fun, and involve
yourself in your clients and other social functions to make more money. So we hope you
can be there, please RSVP to let us know. Builder's Association, next Wednesday, I believe
it's October 17th at the Builder's Association. Parties for Profits, hope to see you there,
and who knows what's going to happen with the government shutdown. The longer it goes,
the more our rates are actually improving, however over the last three or four days we
have seen rates worsen.