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
- If 1 year W-2/1099 required the following applies:
