US Government - Closed!

October 1st began a government shutdown that has wreaked havoc on any number of different fronts – not least of which is SBA and USDA lending. In addition to the inability of lenders to get new loans approved, the shutdown has halted loan closings that requires SBA approved changes and secondary market sales. Obviously this impacts October’s numbers, but it has had a negative impact on many lenders third quarters as loan settlements were not met in time and investors asking for premium concessions for delayed settlements. A short term resolution is expected in the next few days, but for some, the damage has been done.