Servicing Guide

Published September 9, 2020

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In what instances should the servicer obtain an IRS Form 4506T-EZ or IRS Form 4506-T when preparing to implement a workout option?

The servicer must obtain the Short Form Request for Individual Tax Return Transcript (IRS Form 4506T-EZ) or the Request for Transcript of Tax Return (IRS Form 4506-T) in accordance with Determining Whether a Borrower Response Package is Complete in D2-2-05, Receiving a Borrower Response Package.

The servicer must submit the form to the IRS to obtain a copy of the borrower’s tax transcript in the following instances:

  • to reconcile inconsistencies between other information the borrower provided [e.g., information the borrower provided in the Mortgage Assistance Application (Form 710) and the income documentation;
  •  when the borrower is self-employed, and he or she does not provide the documentation that is outlined in the Form 710; or
  • if Fannie Mae requests it.

The servicer is encouraged to use the IRS Income Verification Express Service, which uses secure email to deliver tax return transcripts to servicers.

  • Note: For borrowers in the USTs (also known as U.S. Possessions), IRS Form 4506T-EZ and IRS Form 4506-T may not be accepted. Depending on the borrower’s UST classification of residency, the borrower may be required to file in the UST or the U.S or may have to file in both the UST and U.S.

The servicer must adhere to all applicable processes for eligible borrowers filing tax returns in UST and obtain all applicable forms when required.

For more information please see F-1-12 , Preparing to Implement a Workout Option.
 

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