17-14: Updates to Tax Transcript Requirements and Underwriting Help NPPI Reminder


The Work Number in lieu of Tax Transcripts

Effective immediately, for Fannie Mae, Freddie Mac, FHA and VA transactions, Lenders may provide The Work Number written VOE, or a written VOE (WVOE) from an equivalent income verification company in lieu of tax transcripts for salaried borrowers. The written VOE must have full income figures supporting the qualifying income.

Note: Written VOEs provided directly from the borrower’s employer are not eligible for this waiver. A third party independent company must complete the WVOE.

2016 Tax Transcripts Timing

For all transactions that require tax transcripts, the following timing requirements must be met:

For all loans closed on or after June 15, 2017, the 2016 tax transcripts will be required, unless the file contains evidence an extension was filed along with a copy of the IRS notice for 2016 showing “no record of return filed.”

For all loans closed on or after December 15, 2017, 2016 tax returns and tax transcripts will be required.

Underwriting Help Non-Public Personal Information

As a reminder, Underwriting Help cannot respond to emails containing any non-public personal information (NPPI) or loan documentation. This includes excerpts of documents pasted into the body of the email or attachments to the email. Emails containing NPPI will receive a response that the original email contains NPPI and the email will be deleted.

Please contact your Sales Representative with any questions.