Tax Transcript Guidelines Temporarily Lifted
As anticipated we are now seeing some of our lending entities temporarily lifting their guidelines for tax transcripts for borrowers who would be utilizing any type of Government Loan. This is great new for all of us with loans in the pipeline! So what this means to Realtors, Mortgage Loan Originators and the Buyers is this: Transcripts for government loans and also conforming loans are typically needed to process a loan. Since the Government is on Lockdown, it isn’t possible for an actual government employee to render the necessary services. Thus, putting a huge strangle hold on current loan volume. Now that the guideline for transcripts has been temporarily lifted, it is business as usual. Of course anything can change so let’s get these loans in and closed immediately. We’re on top of it and get the latest news about the Government Shutdown to you as quickly as possible! Here is an actual snippet of the announcement:
| Temporary Suspension of Executed 4506-T The policy update previously announced has been and further updated to included Wholesale and Correspondent. Due to the recent federal government shutdown, IRS transcripts are not available to be obtained. We have temporarily lifted the requirement that the 4506T must be executed prior to final loan approval.• During this temporary suspension, a completed 4506-T signed by each borrower remains a requirement at application and closing
• The underwriter must thoroughly analyze tax returns, including all schedules, in their entirety. Any suspected fraudulent activity must be immediately reported to Bank Protection. Green House Mortgage is a full service home loan origination entity in Tampa, FL and servicing the state throughout. If you have any questions or concerns with the article or simply need mortgage advice please call 813-732-3155 or email us at info@ghmortgage.com. We are dedicated to giving you the best mortgage consultation available. Green House Mortgage – It Pays to Go Green! |
