Happy 2021! a quick reminder for income docs.

Mortgage and Lending with HomeBridge Financial Services (NJ) NMLS 248937

As a reminder, 2020 W2 and 1099 forms must be sent/made available to employees (borrowers) no later February 1, 2021 – (as January 31, 2021 falls on a Sunday). 

THIS IMPACTS PIPELINE LOANS.    Specifically,  for any loan closing/signing on or after February 1,  that is subject to the “most recent” W2 and/or 1099, we must have the 2020 document(s) and the loan must be qualified/re-qualified considering the document.

Potentially this could cause qualifying issues if the Income on the W2 does not support the income in the file... (most likely not an issue if we have recent stubs from the end of 2020)

The bigger issue is it may delay closings if lenders do not have the docs in time.  I see this as being more of a problem for loans that are scheduled to close late in January and get delayed and end up closing in February. That is where all lenders will need to have the W2s in the file and will need to update the file even if previously cleared for closing.

Just a quick heads up to keep you "aware" of what we need to do to meet the guidelines each year. This will happen again as we approach tax time in April.

Call me for all your residential lending needs!


Robert Rauf 
Mortgage Loan Originator NMLS# 248937
or my blog: http://activerain.com/blogs/rrauf 
Office: (732)908-4868  Cell (732)740-0175 


Since 1987 I have been helping my clients fulfill their dream of home ownership! HomeBridge Financial Services, Formerly REMN, HomeBridge Financial Services is located at 9 Grand Ave, Building 2 Suite A Toms River, NJ 08753. NMLS #6521. New Jersey Licensed Lender and Mortgage Banker #L041053. Visit www.Homebridge.com for more information. NJ Mortgages, New Jersey Mortgages, Mortgages in NJ, mortgage in New Jersey, Mortgages in New Jersey, Toms River NJ 08753, Toms River NJ 08755, Brick NJ 08723, Brick NJ 08724 Mortgage in Ocean County NJ, Mortgage in Monmouth County NJ, Jackson NJ 08527, Howell NJ 07731, Lacey 08731 08734, Beachwood 08722 Bayville 08721, 

Comments (5)

Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This is a timel reminder to share.

Take care, be safe and have an outstanding month.

Jan 07, 2021 06:54 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Robert and always like to get views on what to do at the end and beginning of a new year.

Jan 07, 2021 09:58 AM
Robert Rauf
HomeBridge Financial Services (NJ) - Toms River, NJ

Roy Kelley I'm happy to keep everyone posted Thank you for reading!

Jan 08, 2021 06:39 AM
Robert Rauf
HomeBridge Financial Services (NJ) - Toms River, NJ

Will Hamm I try to keep everyone updated so they know we don't just collect docs for fun, we need to follow the guidelines! Happy New Year.

Jan 08, 2021 06:41 AM
Joe Jackson
Keller Williams Capital Partners Realty - Columbus, OH
Clintonville and Central Ohio Real Estate Expert

This is a great post and thanks for sharing with us!

Feb 10, 2021 08:01 AM