The
IRS is continually making changes to their requirements of the data contained
within the 4506-T. Gateway requires
receipt of the IRS tax transcripts on all files. Incorrect completion of this document can
cause significant delays in receiving transcripts for your borrower, from the
IRS, by our underwriting department.
Gateway
recently released a policy change, allowing Loan Officers to provide their own,
3rd party obtained, IRS transcript verifications. As stated in the policy, if these transcripts
are not provided with the loan package upon submission, when the loan is
initially submitted to GMG's Underwriting Department, we will order the
transcripts from the IRS ourselves. As
you are all aware, GMG requires these IRS transcripts for all files submitted.
There
are numerous companies that will process 4506-T requests for you. It is up to the loan's originating office to
set up these relationships. I would
strongly suggest that you set up a relationship with one of these providers and
begin to submit the transcripts with your file to Underwriting. Should we have to order these transcripts
ourselves, your file approval, or clear to close, may
be delayed.
Here
is a list of a few companies that provide 4506-T IRS Transcript services*:
Þ
AccuVerify - www.accuverify.com<http://www.accuverify.com
Þ
Veri-Tax - www.veri-tax.com
Þ
Verification
Bureau - www.verificationbureau.com
Þ
Informative
Research - www.informativeresearch.com
Þ
Rapid
Reporting - www.rapidreporting.com
Þ
CBC
Innovis - www.cbcinnovis.com
*The
above list of IRS Tax Transcript service providers is provided for
informational purposes only, and no direct or indirect
endorsement of the company’s services or products is expressed or implied.
The
information below highlights much of the information that will cause the IRS to
reject the processing request of a 4506-T.
Please use the following information as a guide for proper completion of
the 4506-T (Click
Here for Helpful Guide):
Line
1a: Must be the exact name of the
borrower, as reflected on their tax return.
Line
1b: Borrower social security number must
be entered.
Line
2a: The IRS no longer allows the
submission of a 4506-T with more than one individual. Therefore, if you have multiple borrowers, a
separate 4506-T must be submitted for each.
This line should always be blank.
Line
3: If your origination system puts the
borrower's name here, it must reflect the same name as that listed in Line
1a. Additionally, this address must
reflect the current address of the borrower, as filed on their last tax return.
Line
4: If, at any time in the past, the
borrower has filed a return under a previous address, that address must be
entered here. The only time this field
should be blank is if the borrower has always filed their return under the same
address.
Line
5: If GMG is ordering the 4506-T on the
file, this field must contain the following:
Gateway
Mortgage Group LLC
If
your office is requesting the tax transcripts from your own provider, this
field must contain the company name and address used to set up your account
with that provider.
Line
6: Should indicate "1040" in
the Transcript requested section.
* GMG checks
Line
7: Blank
Line
8: Checked
Line
9: Should indicate the current year, and
the most recent 2 years. i.e., if
requesting transcripts in 2010, Line 9 should indicate "12/21/2010",
"12/31/2009", and "12/31/2008".
Signature
of taxpayer: Only the borrower listed in
Line 1a may sign this form. Borrower
must date the form and a phone number must be provided. Again, only one borrower
per form. So, if you have a
co-borrower(s), or additional borrower(s), each must sign their own prospective
form(s).
As
always, thank you for your continued business!
J.
Whitney Barth
VP
Operations
Gateway
Mortgage Group LLC
972.908.3390
x101 p
918.392.8336
f
6/04/2010