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Announcement 2020-009: 2019 W-2 and Tax Return/Transcripts Requirements

Update to 2019 W-2 and Tax Return/Transcripts Requirements effective February 11, 2020.

2019 w-2 requirements

Effective for new applications taken on or after February 11, 2020, 2019 W-2s for salaried income will be required on all loan files. Refer to individual product profiles for any specific requirements that may apply.

 

2019 tax return/transcript requirements

Applications or loans funding on or after April 16, 2020 that require tax returns for income qualification per applicable product guidelines, will require 2019 filed tax returns unless the borrower has filed an extension (IRS Form 4868). For self-employed borrowers who have filed an extension, an unaudited year-end Profit and Loss Statement will be required.

 

Effective for new applications taken on or after February 22, 2020 and funding prior to April 16, 2020, 2019 tax returns must be used if a borrower has filed their tax returns prior to closing.

 

tax return, w-2 and transcript Requirements

The following table located in the NewRez Underwriting Policies and Procedures will be updated at a future date.

non-agency: Refer to individual product profiles for any specific or additional requirements that may apply.

 

 

w-2 transcript requirements

The following table describes which tax-related documentation is required depending on the application date of the mortgage loan when such documentation is required per applicable program guidelines. Refer to individual product profiles for any specific requirements that may apply.