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2017 Tax Returns, Extensions and Transcripts Cutoff Dates

2017 Tax Returns or Extensions

  • For all loans that requires tax returns to assist in the calculation of the borrowers income, 2017 Tax Returns or a copy of the filed extension will be required for any loan that is not cleared for docs by the Underwriter by April 10th. This guidance applies to all products.
  • If the Tax Returns or Extension shows evidence that the borrower(s) owe for the tax year 2017, evidence that the taxes have been paid will be required along with the source used to paid taxes owed per our 4506t Policy.
  • If the borrowers do owe monies, it is acceptable for the borrower to either pay the taxes owed with loan proceeds on a cash out or if the borrower chooses, they can bring the funds required to close into closing to pay the taxes owed.
  • If borrower has provided a copy of the 2017 extension, JMAC will still require a copy of the No Records Found Transcript for 2017.

2017 Tax Transcripts

  • For all loans that requires tax returns to assist in the calculation of the borrowers income, 2017 Tax Transcripts or a copy of the filed extension will be required for any loan that is not cleared for docs by the Underwriter by June 8th. This guidance applies to all products.
  • If the 2017 Tax Extension shows evidence that the borrowers owe monies for the tax year 2017, evidence that the taxes have been paid will be required along with the source used to paid taxes owed.
  • If the borrowers do owe monies, it is acceptable for the borrower to either pay the taxes owed with loan proceeds on a cash out or if the borrower chooses, they can bring the funds required to close into closing to pay the taxes owed.
  • If borrower has provided a copy of the 2017 extension, JMAC will still require a copy of the No Records Found Transcript for 2017.

2017 Tax Transcripts

  • For all loans that requires tax returns to assist in the calculation of the borrowers income, 2017 Tax Transcripts will be required for any loan that is not cleared for docs by the Underwriter by October 5th. This guidance applies to all products.
  • If the borrowers do owe monies, it is acceptable for the borrower to either pay the taxes owed with loan proceeds on a cash out or if the borrower chooses, they can bring the funds required to close into closing to pay the taxes owed.

Please consult your Account Executive if you have questions.