Home mortgages being delayed due to Experian breach

Financing a home is often the biggest hurdle in the home purchasing process.  First the home buyer(s) must qualify, the home must appraise and the lender has to follow their processes in order to out the needed financing in place.

Along with the typical frustrations in this process, there is a fresh wrinkle: Slow downs in lenders getting “official” tax returns from the IRS.  Apparently, the IRS are three or more weeks behind in responding to requests from lenders, forcing borrowers to make an appointment with local IRS offices to retrieve these official copies.  A situation like this has the potential to delay closing dates.

This Experian breach has been great for entities like “Life Lock”.  The ripple effect of this breach will be felt in ways not yet considered.

 


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