2016 Tax Forms, Returns and Transcripts – Revised

The Tax Documentation and Transcript Policy matrix has been updated; refer to the highlighted information 

HomeBridge is providing guidance on W-2/1099 forms and tax return requirements for loans funding after January 31, 2017.  The following policy applies to conventional, government, (including manually underwritten loans), Jumbo, and Expanded Plus (as applicable).

W-2 and/or 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, 2017 through March 31, 2017

When the AUS (DU/LP) Findings report or loan program requirements on manually underwritten loans require a W-2 and/or 1099 to support the income used to qualify the loan the following applies:

  • The 2016 W-2 and/or 1099, as applicable, will be required for one or two years as determined by DU/LP:
  • 1 year W-2/1099 per DU/LP the 2016 W-2 is required. Transcript not
  • 2 years W-2/1099 per DU/LP W-2 requirements are as follows:
    • 2016 W-2/1099, and
    • 2015 W-2/1099 and 2015 W-2/1099 transcript required

Loans Funding on or after April 1, 2017

  • One Year W-2/1099 Required
    • If 1 year W-2/1099 required the following applies:
      • The 2016 W-2/1099, and
      • The 2016 W-2/1099 transcript, or
      • A 2016 “No Record Found