Mortgage Loans

[mauve]

I ordered my own tax transcripts weeks ago in anticipation of needing them.  I still have not received them.  When I told my lender I'd ordered them, she said that they're going to order them anyway.  Is it automatic for lenders to do this, and is there a good reason for them not to accept (unopened) tax transcripts I've requested?  Also, is there some huge delay getting them right now?  I know, it's tax season, but doesn't it seem like a fairly automated process?

[mickie08]

opnened or unopened you could fake them.  You coud order a set and basicly remake them on your own computer showing whatever you wanted it to show, hence them needing to order their own copies.  Same reason they do not allow you to provide the credit checks.

As far as timing goes, transcripts take awhile to process, especially right at tax time.  Not sure the exact timeframe, but transcripts are not done right when your file is accepted from everythign I have been told.  Transcripts are done after the IRS has reviewed/verified all the information and it takes awhile.  I have heard everything from a few extra weeks to 12 or more weeks to get transcripts so I don't know how long it should take.

[mauve]

 

At least I did my taxes in late January.  If it's 12 weeks, I'm going to cry.

[mickie08]

I don't know that.  I know if you want transcripts for past years it is a long wait often times (especially for years going back a few)...  I also know that it is a few weeks after your taxes are accepted before transcripts are available at best and this time of year I would not be surprised for their to be a decent wait.  Good luck on it and since you file in January you should be getting close anyways.

[ShanetheMortgageMan]

If it's in late January they should be on record any day.  

If it's holding up your loan closing then you can set a meeting with http://www.taxpayeradvocate.irs.gov/ and see if they can expedite the processing for you.  Just had to use them for a client in NYC who filed their 08 & 09 tax returns but they were never processed, the advocacy group was able to get them finished in 6 weeks from the time they re-filed.

[mauve]

I filed the taxes in late January.  I don't remember when I ordered the tax transcripts, and I'm not sure of when my lender ordered them.  Thanks for the link! 

[0errant]

I ordered them once on my own, a few years ago. Took about six weeks, so I was nervous when my lender ordered them for the mortage, which is due to close at the end of this month. She had them in about a week! Perhaps lenders are able to get them electronically?

[uwishyouwereme]

That's strange. I didn't know it took so long.  Last year I had to get tax transcripts from the IRS and they asked for a fax # and they faxed it the same day.   Will the lender accept a faxed transcript vs waiting to get it in the mail?  You might want to try that.

[mauve]

I have bigger problems right now - but my lender isn't worried about timing for tax transcripts.  Thanks for the suggestion!

[mauve]

I have mine now - I'm not 100% sure what day they arrived, my roommate usually gets the mail.  It's not an issue right now, though - I'm more worried about my appraisal issue right now.