Help Needed - Calling All LOs

[Anonymous]

I am a victim of long time identity theft. I thought I was past it. I'm trying to close on my house right now and underwriting came back and said my transcripts came back nowhere near resembling my W2s and VOE/salary/paystubs/provides tax returns. Previously I was getting an error 10 when lenders were requesting transcripts. I can't even order them myself I just get a letter in the mail asking me to call the IPSECU.

This is an NFCU conventional loan. What would you do in this situation? If this happened to one of your clients, would you call the deal off? I've got no liens, my taxes are up to date... From what the LO said the gaps are a mile wide, the transcripts don't even come close to resembling my file.

Help!

[Anonymous]

I also posted this on another board and found that I may need to provide more detail to get an answer.

I am able to file my taxes no problem, I get no rejection and if I am owed a refund I do get a check in the mail. I can use WMR no problem. My W2 transcripts match my W2s. My tax return transcripts are what seem to be the issue. I have not been provided info on what is different, just verbal notification that it is different.

My question is not how to handle the IRS. I know I will have to make an appointment at my local office and start there. Calling on the phone is useless due to call volumes being so high you can't even get a spot on hold. My question is this - is there any circumstance where a lender would waive the tax transcripts in this case in order to close? Or is this always a deal breaker?

[andyaycw]

Not an LO but I'll chime in to give you an underwriter's point of view:

So your current loan is with NFCU? I would call them and ask specifically for what their underwriters would want. Some lenders will do it, others won't. I'll tell you that at my company, we absolutely would consider the deal as long as the ID theft is documented and we have your actual tax returns that show your actual income status. Depending on the degree of ID theft, we'd probably ask for quite a bit of other supporting documentation, but again, it would not necessarily be a deal breaker. 

Being a credit union and the fact that you have your existing loan with them, NFCU might be more accommodating. Take advantage of the fact that credit unions are member-centric. They should work with you and let you know what they would need to see to move forward with your loan. 

[Anonymous]

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@andyaycw wrote:

Not an LO but I'll chime in to give you an underwriter's point of view:

So your current loan is with NFCU? I would call them and ask specifically for what their underwriters would want. Some lenders will do it, others won't. I'll tell you that at my company, we absolutely would consider the deal as long as the ID theft is documented and we have your actual tax returns that show your actual income status. Depending on the degree of ID theft, we'd probably ask for quite a bit of other supporting documentation, but again, it would not necessarily be a deal breaker. 

Being a credit union and the fact that you have your existing loan with them, NFCU might be more accommodating. Take advantage of the fact that credit unions are member-centric. They should work with you and let you know what they would need to see to move forward with your loan. 

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OP, exactly this said above ^^^^^...

[Anonymous]

Thank you SO MUCH! I don't know if it's ID theft or what as I haven't seen the transcripts they say they have, but I've turned in a police report, FTC affidavit, and other info as well. I do have an existing relationship with NFCU so hopefully what you say turns out to be the case in my situation.

My income is all 100% verifiable as I am W2 with no write offs, no schedules, nothing complex. I provided my actual tax returns which I used my W2s for and provided proof of my refund. NFCU said that doesn't match what the IRS has as a refund. Something is going on, but I am not sure what.

Fingers crossed and prayers up this doesn't derail our train!

[VALoanMaster]

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@Anonymous wrote:
Thank you SO MUCH! I don't know if it's ID theft or what as I haven't seen the transcripts they say they have, but I've turned in a police report, FTC affidavit, and other info as well. I do have an existing relationship with NFCU so hopefully what you say turns out to be the case in my situation.

My income is all 100% verifiable as I am W2 with no write offs, no schedules, nothing complex. I provided my actual tax returns which I used my W2s for and provided proof of my refund. NFCU said that doesn't match what the IRS has as a refund. Something is going on, but I am not sure what.

Fingers crossed and prayers up this doesn't derail our train!

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Hi ProfGoGetter,

Did you get this squared away with NFCU?

If not there is another option available to some of us lenders where we would only use the w-2s & w-2 transcripts so the tax returns & their transcripts would never even be looked at.

[Anonymous]

I actually went with another lender after the formal loan denial. The lender I am with now pulled my returns with no issues whatsoever, and I close in a few days (already have the clear to close and disclosures.)

I am not sure what the underwriter didn't like about me... because I highly doubt the transcripts were an actual issue.