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 can assist you with all your #FHA, #CHFA, and #Conventional #mortgage needs in Connecticut. 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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  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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Rainer
103,999
Anne Corbin
Long and Foster - Lake Anna - Spotsylvania, VA
Serving Lake Anna & Central Virginia

This is great news. Maybe it will keep transactions moving forward.

Jan 07, 2019 06:57 PM #29
Rainmaker
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Teri Pacitto
Compass - Westlake Village, CA
Real Estate, Your Style...Your Home...My Specialty

Good info

Jan 07, 2019 07:20 PM #30
Rainmaker
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Mike McCann - Nebraska Farm Land Broker
Mike McCann - Broker, Mach1 Realty Farmland Broker-Auctioneer Serving Rural Nebraska - Kearney, NE
Farm Land For Sale 308-627-3700 or 800-241-3940

Thank you for sharing.  I do not do many properties that require verification from the IRS. A lot of difference in the ag market versus the residential market I guess.

Jan 07, 2019 08:24 PM #31
Rainmaker
196,538
Pete Baranowsky Jr
The Castle Team at Maximum One Realty Greater Atlanata - Dallas, GA
Selling Good Homes, Priced Right, Quickly

George Souto Thank you for this good news.

Jan 08, 2019 05:13 AM #32
Rainmaker
1,726,990
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning George - I am glad that they found a work around.  It must have been difficult not to be able to close.

Jan 08, 2019 06:54 AM #33
Rainmaker
947,852
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
377,264
John Wiley
Right Move Real Estate Group- EXP Realty - Fort Myers, FL
Lee County, FL Real Estate 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
411,715
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
239,718
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
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Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Southlake, 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
1,726,990
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
1,191,739
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
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Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Southlake, 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
3,015,301
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
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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
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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
691,656
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
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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
1,879,053
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Southlake, 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
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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
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