HomeBridge is providing guidance on W-2/1099 forms and tax return requirements on loans funding after January 31, 2014 on both conventional and government programs that require income documentation.
W-2 and 1099 Forms
Federal law requires employers to issue Wage and Tax Statements (W-2) and Form1099-Misc for the previous year to employees/individuals no later than January 31st of the current year.
Loans funding on or after February 1, 2014 where the DU Findings report requires a W-2 and/or 1099 to support the income used to qualify the loan, the 2013 W-2 and/or 1099, as applicable, will be required.
DU Findings – “Most Recent Tax Return