Shelter Six: IRS Resumes Providing Income Verifications

1. One key part of the government shutdown is over as the IRS has resumed providing tax transcripts for mortgage applications, thanks to efforts of the Mortgage Bankers Association (MBA).

2. MBA advocacy is also responsible for the resumption of flood insurance policies, which FEMA had halted at the beginning of the shutdown.

3. Last week was more notable for the economic reports that did not get released rather than the ones that did.  Retail Sales and Housing Starts were not released due to the partial government shutdown.

4. This month’s Retail Sales report was particularly important because it covered the holiday shopping season in December.

5. The lack of key economic data has left the Fed flying blind to a degree.  It is extremely difficult to monitor economic growth and missing data only compounds the problem.

6. As expected, the British Parliament rejected Theresa May’s Brexit deal last week.  The UK is scheduled to leave the EU on March 29 and much of the exit remains unresolved.

Rate Update

Due to the government shutdown, there was little major economic data released last week and mortgage rates ended the week slightly higher.

This Week

Existing Home Sales are due out on Tuesday, New Home Sales on Friday, and Durable Orders on Friday.  Mortgage markets will be closed on Monday in observance of MLK Day.

January 21, 2019 by · Leave a Comment

About James

James A. Williamson is currently the Sr VP of Sales Development for Shelter Lending Services (formerly Fairfield Mortgage). James joined Shelter in 1994 and was the company's top Loan Officer in GA for 20 straight years helping over 2500 families finance their homes. James now oversees an incredible group of Loan Officers in Atlanta while further building Shelter's Atlanta business.

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