November 14, 2014

REMN Wholesale is pleased to announce the following revisions to the 4506T transcript procedures:

W2 transcripts will be utilized unless tax transcripts are necessary for qualification purposes from the following agencies: FNMA, FHA, and VA. All other products, such as Jumbo and USDA, will need to have the tax transcripts processed.

W-2 only transcripts can be used for borrowers with base salary, overtime, and commission/bonus income totaling less than 25% of base.  They must be ordered by the broker and processed prior to closing.

1040, 1065, 1120 transcripts (as applicable) must still be used for any loan file where the 1040, 1065 and/or 1120 form was used/needed for verification of income.  This includes but is not limited to:

  • Total of commission and bonus income represents 25% or more of base income
  • All self-employed borrowers
  • Employment by family members
  • Rental income
  • Dividends, Interest, Note, or Foreign income
  • Retirement income including social security and/or pension
  • Disability income including social security
  • Any FNMA product where the borrower owns 5 or more financed properties
  • If any documentation in the loan file suggests that the borrower owns a business or other property not disclosed

This policy is effective immediately for any new submissions and existing loans in the pipeline that do not have a 4506T processed yet.

Guidelines will be updated in the near future.

If you have any questions, please contact your Account Executive.