February 23, 2018 at 11:38 am #40685
We just heard back from the Underwriter and have a few conditions to meet. One of them was to sign a IRS tax form 4506-T form and send back in. They had pre-filled most of the form for us and looks like they want to request a tax return transcript for 2015 and 2016. My question is has anyone else had to do this and if so why can’t I just submit the tax return transcripts on my own. They are easy to access online and download. And in fact I am almost 100 percent certain that I already uploaded them on the NACA site when we first started?
Am trying to get in touch with MC as many of you know that is easier said then done.
ThanksFebruary 23, 2018 at 12:52 pm #40686
I had submitted my downloaded transcripts and was surprised when I also had to sign a 4506-T. According my MC the underwriter prefers to get copies directly from the IRS rather than from the borrower as a security measure.February 23, 2018 at 12:59 pm #40687
Did that delay the process until they received documents from the IRS directly? I Am really hoping that is not the case.February 23, 2018 at 1:30 pm #40691
Tax Returns and Transcripts can be altered (either digitally or hard copy) so the 4506-t is submitted to verify the income.
Processing is usually 2 business days. Delays will happen if your identity cannot be verified like your name, address, and social or if the form is not completed correctly.February 23, 2018 at 2:14 pm #40697
Don’t fully understand the
Reasoning. Is 2 business days the turn around time for the IRS to mail out the transcript once they receive the request? Because unless the UW has access to an electronic request system this seems like it will be a lengthy delay. Perhaps @ttrumble can shed some light?February 23, 2018 at 2:29 pm #40699
The reason you are not allowed to submit your own tax transcripts as definite proof of income is the same reason you cannot submit your own credit report or account transaction summaries instead of actual bank statements. They are far too easily falsified. And yes, some people do try it!
While you did submit transcripts earlier, that was to make sure they matched the tax returns you submitted. Which in turn was done to make sure your tax return matches up with your actual income. Still, some people have gone so far as to falsify both, so independently pulling a copy of the transcript is a necessity for security purposes. In fact the bank will do it again as one of the final steps prior to giving the Clear to Close.
Please remember there’s always a “method to our madness”, and a legitimate reason for any request made of you during the process.
Online Operations, NACA
February 23, 2018 at 2:38 pm #40700
- This reply was modified 7 months ago by TTrumble.
That makes sense, I just wish they would have initiated that process earlier. Do you know what the time frame is? Is there a system they use that is quicker then just an ordinary person mailing in the form?
Appreciate the help.February 23, 2018 at 2:45 pm #40702
The whole process is done electronically. Much faster than by mail.
Online Operations, NACA
email@example.comFebruary 23, 2018 at 3:55 pm #40713
Thanks Tim and others for the input. This forum is very helpful and appreciate NACA having it available.
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