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Information for Single-Family Lending and Real Estate Professionals
 
Program Announcement

January 11, 2019
Update -Tax Transcript Requirements Due to Government Shutdown

Dear Lending Partners:

Both loan servicers have provided the following update to the tax transcript requirements.

Idaho Housing Finance and Association (IHFA) has no overlays to investor guidelines regarding tax transcripts during the government shutdown. Please follow FHA, VA, USDA and Fannie Mae guidelines as approved by your underwriter.

Lakeview Loan Servicing is providing the below updated guidance:

IRS transcripts are again available as of January 7, 2019. Lakeview's prior temporary suspension of tax transcript requirements detailed in their announcement C2019-1 has been rescinded.

Lenders are expected to exercise best efforts to obtain tax transcripts on al lloans prior to purchase. In anticipation of a backlog and delays in receiving tax transcripts from the IRS Lakeview will require tax transcripts to be obtained in accordance with applicable product matrices for all loans purchased with an application date on or after January 7, 2019.

Also on September 28, 2018, the IRS published an updated 4506-T Request for Transcript of Tax Return form. The new format for individual tax transcripts will redact personally identifiable information from the Form 1040.

As a reminder:

-When required by the product matrix, a valid signed 4506-T Form must be signed by all borrowers at the time of closing. The updated 4506-T Request for Tax Transcript Form is required for all loan purchases.

-Tax transcripts are required for all USDA loans.

Please forward this program announcement to the appropriate department within your organization.

Questions? Contact: Contact Corinna.obar@wshfc.org.

 

 
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