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National News: US Treasury to Begin Processing IRS Tax Transcript Requests to End Loan Delays

1.8.19

Information from the National Association of REALTORS®: 

Due to the government shutdown, the IRS had closed down and suspended the processing of all forms, including requests for tax return transcripts (Form 4506T) as of December 22, 2018. While the FHA and VA do not require these transcripts, they are required by many lenders for many kinds of loans, including FHA and VA, which had delayed many loans from being processed. 

Information via NAR from the Mortgage Bankers Association: 

While the IRS remains closed during the partial government shutdown, on Monday, January 7, 2019, thanks to direct advocacy to the Treasury Department from MBA and close coalition partners, the agency announced that it will begin processing requests for tax transcript information made through the Income Verification Express Service (IVES) program. Because it will take time to ramp up this service to normal operating status, it may initially take a few days to process requests that have been backlogged since the funding lapse began on December 22, 2018.

More information on what a Government Shutdown means for REALTORS® is available here from the National Association of REALTORS®. 

More coverage also available at HousingWire.

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