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.

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