topic Re: Request For Transcript in Mortgage Loans

Request For Transcript

800goal800 — Thu, 24 Mar 2022 23:27:12 GMT

Our bank asked us to provide 2020 and 2019 signed returns and sign Request for Transcript of Tax Return form for 2020, 2019 and 2018

The request is only for the " Return Transcript " which seems like a duplicate of the signed returns.

Any thoughts as to wanting both ?

Re: Request For Transcript

dragontears — Fri, 25 Mar 2022 00:00:47 GMT

@800goal800 wrote:
Our bank asked us to provide 2020 and 2019 signed returns and sign Request for Transcript of Tax Return form for 2020, 2019 and 2018
The request is only for the " Return Transcript " which seems like a duplicate of the signed returns.

Any thoughts as to wanting both ?

I assume you mean they want you to provide permission to pull the transcript directly from the IRS? If so, yes some lenders do this to verify that you did not lie/forge documents. Frequently, the lender just has the form signed as a CYA and never actually uses the form.

Re: Request For Transcript

800goal800 — Fri, 25 Mar 2022 00:03:36 GMT

Correct. And the transcript they are requesting is " Return " which has same info as to what I provided. There are other transcripts

( Account and Record ) but the only one they checked was " Return. "

Re: Request For Transcript

ShanetheMortgageMan — Fri, 25 Mar 2022 00:06:27 GMT

The 2018 may have just been marked by default. But the return transcript isn't the actual tax return, it's an abbreviated version.

You can actually see what the lender will recieve back if you go to https://www.irs.gov/individuals/get-transcript and verify your identity (some people report issues with the phone # verification part) which should look similar to the below:

Re: Request For Transcript

Anonymous — Fri, 25 Mar 2022 06:49:39 GMT

@800goal800 Everytime tax returns are used the lender must pull your return transcript to validate the returns match what's on file with the IRS because sometimes people provide inaccurate copies or they've filed amended returns. Transcripts are like a receipt and is part of the income verification process. Other times a record of account will be requested to confirm you don't owe a balance for those specific years.

Your returns always need to be signed, but this can be done anytime before funding.

And kinda redundant, but at docs you will sign another 4506-C.

Re: Request For Transcript

800goal800 — Sat, 26 Mar 2022 01:04:38 GMT

If my returns , 2020 and 2019 in this case, show a balance due but the transcript doesn't show it was paid, what could I expect the lender to ask for to show paid ?

Re: Request For Transcript

Faith_Hope — Sat, 26 Mar 2022 01:36:50 GMT

@800goal800 my lender asked for proof of payment. I was able to pull my payment receipt from my irs profile- payment history. Thankfully, I also had saved copies.

Re: Request For Transcript

800goal800 — Sat, 26 Mar 2022 01:10:17 GMT

@Faith_Hope @Payment history from your bank you mean ?

Re: Request For Transcript

Faith_Hope — Sat, 26 Mar 2022 01:34:00 GMT

The IRS account login page. Go to your payment activity.

Re: Request For Transcript

800goal800 — Sat, 26 Mar 2022 01:36:05 GMT

@Faith_Hope

Thanks - I'm assuming my bank statements would also work

Re: Request For Transcript

Anonymous — Sat, 26 Mar 2022 05:51:41 GMT

Bank statements would be the best proof. That snippet faithhope showed is oftentimes not acceptable, but some lenders are more lenient than others. The record of account is the next best thing that you can provide or the lender can pull it with your 4506c

Re: Request For Transcript

800goal800 — Sat, 26 Mar 2022 14:52:13 GMT

Should I assume they are going to ask ?