Mortgage

IRS to resume income verification for mortgage applicants amid shutdown

Responds to trade group pressure to make tax transcripts available to lenders

The Internal Revenue Service will resume processing lender requests for tax transcripts to verify income for mortgage applicants despite the government shutdown.

In a letter released Monday to participants of its Income Verification Express Service, the IRS said it will begin working through the backlog of requests that have piled up since December 22 and that the employees involved will return to work.

Originally, the IRS suspended processing tax transcript information when the shutdown began, but as concerns about a prolonged shutdown heightened, trade groups – including the Mortgage Bankers Association – lobbied the IRS to reconsider.

The IRS said it may take a few days to get back to normal operating status.

Most Popular Articles

Sales of new houses will rise to a 13-year high in 2020, NAR’s chief economist says

Sales of new homes probably will rise to a 13-year high in 2020 as the U.S. dodges a recession, according to Lawrence Yun, chief economist of the National Association of Realtors.

Nov 08, 2019 By

Latest Articles

RealPage: The size of the average U.S. household is growing

For the first time since 1850, the average size of the U.S. household is on the rise, RealPage says. And it’s not just the kids or Millennials, either. Households are becoming multi-generational.

Nov 12, 2019 By