Last week, I discussed some of the consequences of the government shutdown on the mortgage industry. Now, 6 days after the government reopened, I am proud to report that the impact has been almost nonexistent. Mortgages continued to close during the shutdown and continue to now. No one lost a home or lost an interest rate from the shutdown, and Ross Mortgage, my parent company, extended everyone’s rate for 15 days as a courtesy to ensure that we restricted the impact of the shutdown.

The biggest fear of the government shutdown was that, during the days of the shutdown, someone would be delayed and the seller of the property would back out and find a new buyer. And while I am sure this happened somewhere, I can happily report not one of my clients were negatively impacted by the shutdown. In fact, most people have still closed on time.

Another big fear, that an interest rate lock would expire during the shutdown, was alleviated by Ross Mortgage’s decision to extend the rate lock period. This has protected everyone who locked in an interest rate from any impact due to the government shutdown.

All in all, the shutdown had virtually no impact on me or my clients, as we were well prepared for the situation. Should you have any questions about the mortgage process, or about how the government shutdown might have impacted your loan, please contact me. And if you have anything to add about the impact of the government shutdown on the mortgage industry, please leave a comment.