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You would rather have mortgage lenders giving hundreds of millions of dollars to borrowers whose IRS records do not match the tax returns they have provided?
Really?
How is this on the Lender?
Because it was a bit ridiculous they had 2011, 2012, 2013 and my 2014 W-2s. Our salaries have stayed similar. In this case I was within the law of when I gave my taxes. There was no one at fault but really 48 hours before we were going to close they wanted to send me to the IRS to ask to please process.
The LO was rolling his eyes at this as the underwriter was just being crazy - we were VERY stable (same jobs etc). The thought of asking us to go to the local IRS and ask them to please process our returns is a bit over the top
I'm trying to figure out why on earth the loan officer even turned in the 2011 returns. I get the 2012 returns because 2014 were extended. The only reason to require 2014 be processed is to manipulate a higher income....come to think of it, the only reason for 2011 to be in there is to increase the average. I'm sorry, but something isn't adding up here for salaries remaining similar. There's an element of additional schedules at play, self employment or expenses. Otherwise, none of this makes sense.
I'm trying to figure out why on earth the loan officer even turned in the 2011 returns. I get the 2012 returns because 2014 were extended. The only reason to require 2014 be processed is to manipulate a higher income....come to think of it, the only reason for 2011 to be in there is to increase the average. I'm sorry, but something isn't adding up here for salaries remaining similar. There's an element of additional schedules at play, self employment or expenses. Otherwise, none of this makes sense.
Paranoid Underwriter - they wanted to cover their bases with three years of taxes. Heck at that point I would have given them a decade of tax returns if they wanted. We are boring people, same jobs for 8+ years, salaries basically the same other than regular raises. The Loan Officer was about to pull his hair out. My husband and I make $250,000+ and were buying a home for $360,000 so we qualified easily - it made no sense to anyone.
I'm in the same situation right now. I learned there actually is a way to expedite this. Call your local tax advocate -- they are a local branch of the IRS that can help you. The IRS has received your returns and they are date stamped on their end, but the 6-8 week wait is for "processing". However, the tax advocate can see your received IRS tax filing in their computer system now and use that info to write a letter for the mortgage lender containing all relevant info they need -- gross earnings, taxable income, etc..., all the details. By law the mortgage company is allowed to use this letter in lieu of a tax transcript to verify your filing -- but not all mortgage companies know about this option. Start here and you can have the letter in 3-5 business days (ie. They will make a phone appointment with you to write the letter, but then can fax it hopefully the same day it is written):
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