@Anonymous wrote:
I am at what appears to be the tail end of mortgage underwriting process and I wanted to know how long it generally takes a lender to complete the 4056T process for my tax transcripts.
I just went through this the last 2 weeks. You talk about frustrating. I educated my Mortgage Company on this one.
1) The IRS does not tyically send the transcripts via snail mail. They are downloaded from the IRS website.
2) By signing the form (its 4506T not 4056T btw), you give authorization to the Mortgage Company to obtain your transcipts. My Mortgage company is small so they outsource the U/W and credit analysis to a secondary company.
3) This secondary company will use your application and credit report to answer the basic questions on the IRS website to gain access to the transcripts.
4) The IRS uses EQ to verify the identity of the person obtaining the transcripts; whether it be a Mortgage Company, their Credit company or the individual.
5) My wife's CRs are frozen so the IRS could not look at her EQ to provide the necesarry questions to confirm identity.
6) The Credit company tried for 3 days straight before they called the Mortgage Company. The Mortgage company tried to get the transcripts to no avail and called me.
7) I thawed all 3 CR and then went on the website and was able to gain access to her transcripts. I printed them out and hand delivered them the next morning.
My problem was that I went and got "pre-approved" and I told my Loan Officer that I had to thaw her reports and that I would do this for 30 days. The Mortgage Company did the hard pull on 15JAN15. We had to wait for 13MAR15 for the short re-fi to be approved. The Mortgage Company said a CR is good for 90 days so no problem with wifey's CR being frozen.
Well there you go. The Mortgage Company had no frigging clue how the transcrips are obtained. We wasted about 4 days for this to clean out. If they knew the process they would have told me to keep her report thawed until we go through U/W.
The Loan Officer asked me to write up the process of obtaining transcripts so that she could inform other Loan Officers that a thawed EQ is needed to get the IRS Transcripts.
Like I said, I officially applied 13MAR15 and I close tomorrow; so 12 business days. My concern was that my short payoff was only good until 31MAR15. But hell why wait for the last minute, right?
Let us know how you make out. Good luck.
FICO 08 JUL23: TU 850; EQ 846; EX 843. Clean since BK7 D/C 6/2011.
