DATE: March 27, 2020
REMN Wholesale utilizes a random loan selection to obtain tax transcripts. Due to the COVID-19 situation, there are significant delays in the processing of IRS transcripts. In order to accommodate for this delay, REMN has amended our IRS tax transcript policy effective immediately:
RECEIPT OF TRANSCRIPTS – FNMA, FHLMC, FHA & VA LOANS
• REMN Wholesale will TEMPORARILY SUSPEND the requirement for receipt of the IRS transcripts until April 15, 2020
o The 4506T form must still be executed at time of application and at time of closing
• This temporary suspension applies to all instances where REMN Wholesale required transcripts be processed
• Loans where transcripts were ordered but not yet received are permitted to close without receipt of the transcript
• Loans where transcripts have not yet been ordered, do not need to be ordered during the suspension period
RECEIPT OF TRANSCRIPTS – USDA LOANS
• Loans where the investor requires the processing and receipt of the transcripts remains in effect before the loan can close. There are ZERO exceptions to this policy
• We will NOT accept any borrower provided transcripts
REMN will re-evaluate the situation after April 15, 2020.
If you have additional questions please contact your Account Executive.
