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jcallanan
491 Posts |
 Posted - 11/03/2009 : 10:24:20 AM
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My borrower took his to the IRS and got them stamped on Sept. 2
Lender 4506 just came back on Oct. 27th with the figures from the orignal returns
Called the IRS and the said the return was processed on the 28th of Sept and will take approx. 12-16 weeks
I THOUGHT, HEARD, READ, AND WAS TOLD 4-6 WEEKS |
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KHufford
10407 Posts |
Posted - 11/03/2009 : 10:26:27 AM
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I just learned this after dealing with the same thing for 6 months...
Amended returns will NEVER show up on 4506t transcripts.
Never.
You have to go to the IRS and get 'account transcripts' and they wont stamp them.
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jcallanan
491 Posts |
Posted - 11/03/2009 : 10:32:57 AM
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Really?
not even on just the regular 4506?
Although lender sent me the print out and it did say tax return transcript.
so the amended return figures won't show anywhere?
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liverichly
6079 Posts |
Posted - 11/03/2009 : 10:37:45 AM
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| I believe on the 4506t form the "Record of Account" option needs to be marked for trying to locate returns filed after the normal tax due date. |
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carriemaese
3887 Posts |
Posted - 11/03/2009 : 10:48:13 AM
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| 4506t will never show amended returns or any adjustments. Original returns only show up. |
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jcallanan
491 Posts |
Posted - 11/03/2009 : 10:57:42 AM
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| will lenders accept the account transcripts and the stamped amended return? |
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carriemaese
3887 Posts |
Posted - 11/03/2009 : 11:23:48 AM
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quote:
Originally posted by jcallanan
will lenders accept the account transcripts and the stamped amended return?
depends on the lender some will some won't. A lot of lenders will not take amended returns it they were amended just to qualify. You need to call your lenders and find out. |
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carriemaese
3887 Posts |
Posted - 11/03/2009 : 11:30:21 AM
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| what's your scenario, maybe we can direct you to the right lender that will accept amended returns. |
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tsevier
63 Posts |
Posted - 11/03/2009 : 2:46:33 PM
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| I have had Flagstar accept amended returns in the past, FYI. |
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tomsammon
124 Posts |
Posted - 11/03/2009 : 7:27:10 PM
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| Shane is correct. Check box 6c for the Record of account and you will see the amendment. The last time I did it in the spring it took 7 weeks from the time the amendment was filed but I would guess it is faster at this time of year |
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jcallanan
491 Posts |
Posted - 11/04/2009 : 12:31:40 PM
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So when the lender pulls the 4506 they most likely will not check the box 6c and get the orginal returns?
Or would you pull one and submit it with the file
Will that work?
Does it even make sense if the borrower amended the taxes to submit the loan?
Alot of misinformation out there(not on this post) |
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carriemaese
3887 Posts |
Posted - 11/04/2009 : 12:41:10 PM
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| I was wondering this as well. I am going to submit the file with the 4506t request form signed by the borrower with 6c checked. Will this work? |
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jcallanan
491 Posts |
Posted - 11/04/2009 : 12:52:09 PM
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that's a good idea
do you know if there is a cost to request one directly from the IRS?
Can I walk into a local office with the signed 4506 and have them pull one? Credit Tech. cost $21.95 to pull one |
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liverichly
6079 Posts |
Posted - 11/04/2009 : 12:53:49 PM
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My old employer used to make us get 4506t results even before submitting, you can do this by utilizing the information on the 4506t request instructions, or by using a 3rd party company such as http://www.veri-tax.com/
Whenever I've had an underwriter make a claim that the tax returns don't jive I order a copy myself to see what the fuss is about. |
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carriemaese
3887 Posts |
Posted - 11/04/2009 : 12:56:49 PM
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quote:
Originally posted by jcallanan
that's a good idea
do you know if there is a cost to request one directly from the IRS?
Can I walk into a local office with the signed 4506 and have them pull one? Credit Tech. cost $21.95 to pull one
there is no cost. Have the borrower sign fax, or call. It says it takes about 30 days according to the form however, my borrower just called and told them he needed a 4506t and they pulled it and faxed it to him immediately. I am going to have him call back and see if the can do the same thing with 6c checked. |
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jcallanan
491 Posts |
Posted - 11/04/2009 : 1:05:23 PM
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| please let me know how it turns out |
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carriemaese
3887 Posts |
Posted - 11/04/2009 : 1:08:33 PM
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quote:
Originally posted by jcallanan
please let me know how it turns out
I will. |
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