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Question about tax transcripts

Valued Contributor

Question about tax transcripts

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?


Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around


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Message 1 of 12
11 REPLIES
Senior Contributor

Re: Question about tax transcripts

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.

Message 2 of 12
Valued Contributor

Re: Question about tax transcripts

Smiley Surprised 

 

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


Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around


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Message 3 of 12
Senior Contributor

Re: Question about tax transcripts

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.

Message 4 of 12
Super Contributor

Re: Question about tax transcripts

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.

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Message 5 of 12
Valued Contributor

Re: Question about tax transcripts

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! 


Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around


Take the myFICO Fitness Challenge
Message 6 of 12
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Valued Member

Re: Question about tax transcripts

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?


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Message 7 of 12
Valued Member

Re: Question about tax transcripts

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.

Message 8 of 12
Valued Contributor

Re: Question about tax transcripts

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


Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around


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Message 9 of 12
Valued Contributor

Re: Question about tax transcripts

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.


Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around


Take the myFICO Fitness Challenge
Message 10 of 12