Alert Warning!! For anyone who is relying on a mortgage. A new requirement has come out for underwriting. They may need to electronically verify tax returns directly with IRS. However no one told IRS. I have one deal dead because 6 weeks after closing date has passed IRS still has not confirmed and the Asset Manager will not wait any more. As of yesterday I am notified that another buyer of a property that is being purchased for 105,000 with a loan of 45,000 will not close today as scheduled. The IRS request was made 2 weeks ago and they are still waiting. Paper confirmation won’t be accepted.
If any one has information on this please respond.