09-13-2012 06:55 AM
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.
09-13-2012 07:29 AM
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
09-13-2012 07:31 AM
also, how long do you think it will take for them to receive the transcripts? 2010/2011..they requested them a few days ago.
09-13-2012 07:38 AM
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.
09-13-2012 07:41 AM
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!!
09-13-2012 07:43 AM
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...
09-14-2012 10:47 AM
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...
09-14-2012 06:52 PM
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.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO