The Scoop on Tax Transcripts & 4506-T's - Required Prior to Closing by the Agencies?

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Posted To: Pipeline Press

It seems that lenders have had a more difficult time obtaining tax information from the IRS this year. I collected the tax-related updates over the last 2-3 months so you can see how lenders reacted - as always check with the actual lender or investor for specifics! And don't ask me to write to your CEO about removing overlays that certain lenders have that are different than the agencies! Remember that the IRS has blamed slow tax transcript turn times on budget cuts . The IRS sent this notice out a while back - it seems their computers are running slower since they are getting paid less? "As you may be aware, the IRS is operating at the lowest level of funding since 2008, and the lowest since 1998 when inflation is considered. All areas of the IRS are affected by the difficult choices these...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/07022015-tax-transcripts-for-loans.aspx

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