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Underwriting/tax return transcripts

Moderator

Re: Underwriting/tax return transcripts


Catacam wrote:

I believe that tax returns and tax transcripts are two different things. For us, it was one of the conditions that came up in the middle of our 20 day UW. Our final conditions were the reinspect on our appraisal, signed HUD, and other misc. things. It is however totally normal!



^^Yes, the tax return is provided by the applicant (borrower) and the tax transcript is pulled by the lender. The info is supposed to match. In the heyday of real estate (mid 2000's) there were people that actually provided *different* tax returns to the bank than the one's submitted to the IRS. Now they double check to make sure that the info supplied by the borrower is accurate.

Message 11 of 18
Regular Contributor

Re: Underwriting/tax return transcripts

So as of right now they are just making sure all the info we submitted is accurate....I hope we hear something soon.

 

Ive been packing my entire home, I'm part excited and part nervous Smiley Frustrated

Jan 2012 TU 517 EX(fako) 524 EQ 470
Current score LENDER PULL TU 652 EX 641 EQ 617
Yayy we made it!!!
Message 12 of 18
Regular Contributor

Re: Underwriting/tax return transcripts


also, how long do you think it will take for them to receive the transcripts? 2010/2011..they requested them a few days ago. 

 

Jan 2012 TU 517 EX(fako) 524 EQ 470
Current score LENDER PULL TU 652 EX 641 EQ 617
Yayy we made it!!!
Message 13 of 18
Moderator

Re: Underwriting/tax return transcripts

Normally its a 72 hr turn around (business days) from when the bank orders your transcripts. But there are times that the IRS is extremely slow. It's hard to tell.

Message 14 of 18
Highlighted
Regular Contributor

Re: Underwriting/tax return transcripts

That's frustrating..I've heard of the transcripts being faxed over within 1hour? Hmmm but like you said...the IRS does things on their own time. I've dealt with them in the past!! Urgghhh I guess closing tomorrow is out of the question!! 

Jan 2012 TU 517 EX(fako) 524 EQ 470
Current score LENDER PULL TU 652 EX 641 EQ 617
Yayy we made it!!!
Message 15 of 18
Moderator

Re: Underwriting/tax return transcripts

Don't lose hope.  It's possible they can get it in an hour - I haven't experienced it, but I'm sure others have...

Message 16 of 18
Regular Contributor

Re: Underwriting/tax return transcripts

Unfortunately, stupid IRS mailed us a notice stating that they will not be able to send tax transcripts urgghh the lender only needs to verify a previous address. It's literally one thing after the next! I've had enough...

Jan 2012 TU 517 EX(fako) 524 EQ 470
Current score LENDER PULL TU 652 EX 641 EQ 617
Yayy we made it!!!
Message 17 of 18
Contributor

Re: Underwriting/tax return transcripts

I think it is time to get your local tax advocate involved in the process, so you don't get any more delays.  They can speed things up if you explain to them that you are trying to close. Smiley Happy

Message 18 of 18