Announcement- Extended Tax Transcript Policy

PHH continues to monitor the IRS Tax Transcript turn time.  While their turn time is decreasing, the October deadline for filing extensions is approaching.  These filings may impact IRS’s turn time.  As a result, the temporary suspension of the IRS Tax Transcript overlay on all loans is extended through 12/31/2022.  A re-evaluation of the policy will take place at that time to determine the need for continuance or return to the original overlay requirement.
As a reminder:

• Update is applicable to any loan where transcripts have not yet been obtained.
• Seller continues to be responsible for the validity of the income used to qualify the borrower(s).
• A signed 4506-C is required on all loans.
• The loan must be documented and underwritten as required by Agency guideline standards and other applicable PHH overlays.

If you have any questions, please contact your your Correspondent Specialist, Sales Executive, or contact us via the support line at 800-929-4744.

Thank you for your continued business.