Homebridge is providing guidance on W-2/1099 and tax return requirements. The following policy applies to conventional, government, (including manually underwritten loans), Jumbo/Jumbo Flex, Expanded/Elite Plus, and Simple Access (as applicable).
2019 W-2/1099 Requirements
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 on or after February 1, 2020
When the DU/LPA 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
In the event a borrower has not received their 2019 W-2/1099 Homebridge will consider an exception on a case-by-case basis.
2019 W-2/1099 Transcripts (if required)
Homebridge will order W-2/1099 transcript when required by program or if selected for random transcript processing. The following dates apply only in the event a transcript is required.
Loans Funding on or before March 31, 2020
- The 2019 W-2/1099 transcript not required
Loans Funding April 1, 2020 through April 30, 2020
- The 2019 W-2/1099 transcript, OR
- 2019 “No Record Found