08 Tax return not yet available online

[Anonymous]

Hi everyone, i was hoping i can get some advice on what should i do regarding my situation. My wife and i are currently waiting on the final approval from the UW. This morning we heard back from our LO regarding suspense from UW. Nothing major but the one that concerns me is our 08 tax return. We had an extension for 08, we filed Oct. 14(about 2 weeks ago) which was deadline i believe. UW states that it is not available for online(rapid reporting from IRS) viewing as of yet. I guess i should mention that we are schedule to close escrow on Nov. 13(2 weeks from now). Im assuming  IRS is backed up at this time that is the reason for the delay. Will this be huge a problem for us, assuming IRS doesnt post within 2 weeks? can we still close?LO stated that they know we filed but they need to see it online from the report. Any suggestions would help at this time. I was even willing to go to our local IRS office to get a transcript but LO said it wont work.  Thank you in advance and i hope i resolve this.

                                                                                                                                                         Rod

[Anonymous]

it could be a problem depends upon the UW and your file.  The question is why did you wait that long.  your LO should have told you from the get go that you would need to have all you current tax documents, and that means all current taxes filed and paid.    If there is a problme down the road, ask the LO why he did not see it coming.

[DallasLoanGuy]

tell the LO to grow a pair and ask for the work around procedures.

can the cpa certify the returns as submitted?

put the ball back in their court.... this is common and the uw should work with you unless they think something is fishy.

i have a big question here....  why do they 'have to see it'?!?!?!?

when other lendrs do not

[DallasLoanGuy]

is this a bank?

a mortgage broker?

a mortgage banker?

[Anonymous]

thanks for responding! It is a mortgage broker and im also going  with FHA

[DallasLoanGuy]

broker needs to contact the lender and find a work around solution.

[DallasLoanGuy]

and they could likey submit to another lender.

however.... if you are commissioned employee and they see a declining income.... they will indeed want '08

 too many factors to know what is really going on..... sounds like your loan officer doesnt know.... and the should know EXACTLY what is going on..

[WillM]

Exact same thing happened to us last month!  Filed extension on April 15, and then filed and paid just before we submitted mortgage app on September 10. Our closing was scheduled for September 30, but LO called that morning to tell us that we had to delay because the lender was requiring transcripts of our 1040 for 2008.  I went to the IRS service center in Atlanta, they verified that the returns and payment had been received and matched the information on the copies of our returns that we provided the LO with, however the transcripts were not available yet and the UW indicated that the lender insisted on having the actual transcripts from the "National Tax Verification Service"  (I believe they are a 3rd party service that pulls the returns faster than simply submitting a Form 4906-T).  The IRS didn't actually get our transcripts uploaded until the following Tuesday and we were able to close on Wednesday, October 7.  Not terrible, but still hated the delay.  Hopefully your situation will be easier!

[ShanetheMortgageMan]

These days it's very common for lenders to want to verify tax returns being filed with the IRS during the underwriting process.  The workaround I've been able to get to work is having the borrower go down to the IRS and file their returns in person, upon filing they get a copy of the returns with the IRS location stamp on it, and if any money was owed a receipt from the IRS for the money paid as well as a the check being used to pay it also being stamped.  Once the cashed check is available from the borrowers bank account, it'd have the cancellation on the back as well as the IRS stamp on the front - giving ample evidence to the underwriter that the tax returns being provided by the borrower are indeed also the same ones that were filed with the IRS.