The Senate advanced a bipartisan agreement to fund the government through January, with a final vote expected this week. The deal, which includes a “minibus” of full-year appropriations for select agencies and a continuing resolution for the rest, is expected to restore normal operations across federal agencies once passed by the House and signed into law.
Shutdowns disrupt mortgage processing
The recent shutdown, which lasted over a month, forced some federal mortgage programs to halt new loan processing.
While FHA forward loans continued, programs such as the Rural Housing Service and FHA’s HECM reverse mortgages were effectively frozen, leaving borrowers and lenders in limbo.
“CHLA appreciates this action—and is calling on Congress and federal agencies like RHS to work together so that all federal mortgage loan programs can uniformly operate during government shutdowns to process new loans,” Olson said.
Impact on housing and the economy
The shutdown’s effects rippled beyond mortgage programs. Federal employees faced missed paychecks, and delays mounted at airports and other government services.