HomeBridge has revised Bulletin 15-04 originally issued January 14, 2015 to include additional guidance regarding transcripts. Refer to the highlighted sections below.
HomeBridge is providing guidance on W-2/1099 forms and tax return requirements on loans funding after January 31, 2015 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 Form 1099-Misc for the previous year to employees/individuals no later than January 31st of the current year.
Loans Funding February 1, 2015 and After
- Loans funding on or after February 1, 2015 where the AUS (DU/LP) Findings report requires a W-2 and/or 1099 to support the income used to qualify the loan, the 2014 W-2 and/or 1099, as applicable, will be required.
Loans Funding March 1, 2015 through April 30, 2015
- Loans funding on or after March 1, 2015 will require 2014 W-2 transcript results or a 2014 “No Record Found