Two for Tuesday back at it. Gotta love guidelines in this wonderful world of Mortgages!! Two common questions recently see video. And remember with 4506-t’s now they really only need to be in the file if two things:
- If the client is Self Employed/1099 – If that box is checked on the 1003, you will need transcripts in the file.
- If the client has Commission income that is greater than 25% of their overall income. You will need transcripts in the file.
**Friendly reminder, if a wage earner, technically the transcripts are a filing from the company on the clients behalf. The lender actually verifies that income was reported by the company. So if the client hasn’t filed yet, it’s ok. They don’t technically need to file until April 15th. (or do an extension and they have until Oct 15th)