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Mortgage Grapevine

4506 Processing Delays?

With the IRS behind on processing tax returns for those of us with credits like residential, education, general business and 28 other credits do you for see a 4506 Processing delay and if so will your lenders accept alternative documentation like a CPA letter or a locally stamped return from the IRS?
by trishy1010 February 12, 2013 11:44 AM


Forty five hundred and six delays are too many!
Call your black congressman!
by turdly February 12, 2013 12:02 PM


they are still on 72 hour max right now. It may get a little slow, but not to the point of rediculousness....I'd be more worried abut underwriting turn times than IRS turn times...
by Donktard Borker February 12, 2013 12:51 PM


I should have expected that from you turd. How are you?
by trishy1010 February 12, 2013 12:51 PM


I'm ok.
I was going to do a whole Emily LaTella riff but I'm on my phone.

We mostly missed you. Welcome back.
Hubby diagnosed yet?
by turdly February 12, 2013 12:57 PM


Donk, I mean if someone has recently filed the transcripts won't be available because the IRS won't have processed the return. I know the 4506 "process" won't get too backed up but the actual processing of the returns for the transcripts to be available likely will be 4 to 9 weeks from what I am hearing. The IRS is delayed because of the fiscal cliff fiasco.
by trishy1010 February 12, 2013 1:11 PM


Yes, Turd he doesn't have cancer but he is still having issues but he is improving. Thanks for asking.
by trishy1010 February 12, 2013 1:12 PM


if they owe, then delay filing

if they get a refund, then file now and set no close date prior to June

relitters have no idea what kinda delays are forthcoming...educated them and lessen the pain


by Dr. Branker February 12, 2013 1:27 PM


There are lenders like Michigan Mutual that will take a CPA letter and or a return stamped by the local IRS office in lieu of the 4506 transcript IF the 4506 comes back "record not found" due to recent filing. It could be a life saver.
by trishy1010 February 12, 2013 1:42 PM


sorry, i misunderstood-

I would expect a 8 week turntime from what i've heard.

my comapny uses dataverify
by Donktard Borker February 12, 2013 1:44 PM


Ok, maybe not a "life" saver, that was a little dramatic...lol
by trishy1010 February 12, 2013 1:44 PM


Donk, where are you located?
by trishy1010 February 12, 2013 1:48 PM


Michigan (Grand Rapids)
by Donktard Borker February 12, 2013 2:10 PM


Donk, sign up with Michigan Mutual if you aren't yet. They will allow alternative docs if the 4506 can't be processed due to recent filing. They are out of Southfield, Michigan.
by trishy1010 February 12, 2013 2:19 PM


Thanks Trishy, but i'm outta the originating game...I'm back to underwriting (just too lazy to change my handle to Donktard Underwriter)


by Donktard Borker February 12, 2013 2:32 PM


I hear ya Donk!
by trishy1010 February 12, 2013 2:38 PM


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