Government Shutdown Relief In Obtaining Tax Transcripts

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Mortgage and Lending with George Souto NMLS #65149 FHA, CHFA, VA Mortgages NMLS #65149
https://activerain.com/droplet/5gLG

One of the issues created by the Government Shutdown, has been the inability to obtain Tax Transcripts from the IRS.  Without Tax Transcripts, several loans are not able to close, even if the borrower provides copies of their tax returns.  However, through some lobbying pressure, there will soon be Government Shutdown Relief In Obtaining Tax Transcripts.  As of next Monday, January 7th. Lenders will be able to obtain tax transcripts again through the Verification Express Service (IVES).  Below is the announcement I received from the Mortgage Bankers Association (MBA).

 

 

Hopefully more good news will follow with further relief which will allow Lenders to close more loans during the Government Shutdown.

 

 

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 Info about the author:

George Souto NMLS# 65149 is a Loan Originator who is licensed in #CT, #RI, #MA, #NH, & #FL and can assist you with all your #FHA, #Conventional, #VA, #USDA, and #State Bonded Progam #mortgage needs in #CT, #RI, #MA, #NH, & #FL. George resides in Middlesex County which includes #Middletown, #Old Saybrook, #Middlefield, #Durham, #Cromwell, #Portland, #Higganum, #Haddam, #East Haddam, #Moodus, #Chester, #Deep River, and #Essex. George can be contacted at (860) 573-1308 or souto@snet.net

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Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Joseph Domino 480-390-6011 01/05/2019 03:08 PM
  2. Debra Leisek 01/06/2019 01:29 PM
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Rainmaker
980,189
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Must also correlate to those receiving tax refunds!  That's welcome to relief for borrowers, sellers, and all involved! 

Jan 08, 2019 07:52 AM #34
Rainmaker
401,223
John Wiley
Right Move Real Estate Group- EXP Realty - Fort Myers, FL
Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA

Thanks for sharing the latest updates on the government shutdown and the impact on real estate.

I know many were concerned about IRS verifications. Glad that issue has been resolved.

Jan 08, 2019 08:09 AM #35
Rainmaker
469,264
Diana Dahlberg
1 Month Realty - Pleasant Prairie, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

Thanks for sharing this timely information George.

Jan 08, 2019 09:24 AM #36
Rainmaker
253,868
Doug Kaller
Academy Mortgage, Reno, NV - Reno, NV

Some lenders were moving the transcripts to a post close condition in order to take care of their clients and partners. This good news will insure the loans will be salable in the secondary market.

Jan 08, 2019 10:49 AM #37
Rainmaker
2,034,044
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Fort Worth, TX
Selling Homes Changing Lives

George Souto - Thanks for the glimmer of hope. Please continue to keep us abreast of current news as it impacts the real estate industry. 

Jan 08, 2019 06:27 PM #38
Rainmaker
1,938,326
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning George -  I hope your 2019  is off to a great start!

Jan 09, 2019 06:27 AM #39
Rainmaker
1,234,176
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Happily received this news too, George Souto ... sure makes everything much much easier, doesn't it?  Hopefully this shutdown is behind us soon!

Appreciated your Best Wishes for the New Year, George.  I think it's going to be an "interesting" year.  Lending is not a career for the faint of heart ...

Gene

Jan 10, 2019 10:57 AM #40
Rainmaker
2,034,044
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Fort Worth, TX
Selling Homes Changing Lives

George Souto - Congratulations on the Feature on ActiveRain. I was reading Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi comment and have to agree, Mortgage and Real Estate is definitely not for "the faint of heart!" 

Jan 10, 2019 04:29 PM #41
Rainmaker
3,265,879
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Hopefully...the games will end sooin and things will return to normal....

Jan 10, 2019 08:18 PM #42
Ambassador
3,338,709
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

That is awesome news, George! Like you, I'm hopeful more good news follows.

Jan 12, 2019 06:42 PM #43
Ambassador
910,290
Lynn B. Friedman
Atlanta Homes ODAT Realty Call/Text 404-939-2727 Buckhead - Midtown - Westside -- and more ... - Atlanta, GA
Concierge Service for Our Atlanta Sellers & Buyers

George Souto 
Here's an example of a professional organization doing its job well! 
All the best - Lynn

Jan 13, 2019 08:41 PM #44
Rainmaker
781,438
Norma J. Elkins
Elite Realty Group - Morristown, TN
Realtor - Elkins Home Selling Team

Great information to have ... thanks for sharing!

Jan 15, 2019 06:46 AM #45
Rainmaker
1,938,326
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

George - hopefully you won't need the work around much longer.

Jan 15, 2019 07:36 AM #46
Rainmaker
2,034,044
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Fort Worth, TX
Selling Homes Changing Lives

George Souto - Just stopped by to make sure you're surviving winter these days. I hope all is well and good with you. 

Jan 15, 2019 09:49 AM #47
Rainmaker
1,793,577
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in North Kingstown RI and beyond

George, hoping this all has come to pass...it is such a debacle that our government has become.

Jan 17, 2019 05:40 PM #48
Rainmaker
558,927
Maria Gilda Racelis
Home Buyers Realty, LLC-Manchester, Bolton. Vernon,Ellington - Manchester, CT
Home Ownership is w/in Reach. We Make it Happen!

Good Morning George,

Do all residential loans need tax transcripts?

Jan 25, 2019 04:33 AM #49
Rainmaker
1,938,326
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Hi George - I hope you are now able to move those loans to closing now that the government is open.

Jan 29, 2019 10:08 AM #50
Ambassador
3,338,709
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Hi George! Just popping by to say HI and I know you're glad not to have to deal with any issues from the government shut-down...at least for now! 

Jan 31, 2019 07:48 PM #51
Rainmaker
2,034,044
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Fort Worth, TX
Selling Homes Changing Lives

George Souto - The world is on edge.... will there be another government shut down? Once again, 2019 is proving to be very interesting. 

Feb 12, 2019 07:53 PM #52
Ambassador
1,344,206
Gayle Rich-Boxman Fishhawk Lake Real Estate
John L Scott Market Center - Birkenfeld, OR
"Your Local Expert!" 503-755-2905

George, so nice to see this as "past history", at least this part of it. I am so very thankful for experts in your side of the business. My favorite loan person is superb in his dealings through the years and I give ALL of my business to him. He continues to exemplify excellence and regularly saves my bacon!

 

Feb 27, 2019 07:43 AM #53
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