This policy is truly a lift for government loans…FHA, VA, and USDA which states if your borrower is a salaried employee we WILL NO LONGER REQUIRE TAX RETURNS OR TRV’S. However, you need to be sure you are asking the proper questions at the time of the loan application.
1. Do you have a side business?
2. Do you have any um-reimbursed business expenses?
If tax returns are included in the loan and underwriting sees them, we cannot ignore the documentation therefore we have to utilize any information contained within the documents if necessary.
On our Conventional loans, your tax returns and subsequent TRV’s are dictated by the AUS findings, meaning if DU is calling for one year W2 then we would only need one year of TRV’s.
Please feel free to contact me with any questions.
Randall A. Orchen
866.962.0283 Toll Free Direct
Universal American Mortgage Company, LLC dba Pinnacle Mortgage Group – Company NMLS #1058. AZ Arizona Mortgage Banker License #0118366. CA Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act RMLA #4130443. CO Brian T Rindels, NMLS #10725, 303-716-9000, Supervised Lender License #987996, Regulated by the Division of Real Estate. NM Regulation and Licensing Department Mortgage Loan Company. OR Mortgage Lending License #ML-5079-41, 1761 Cowan, Suite 206, Irvine, CA 92614; Mortgage Lending License #ML-5079-40, 32605 Temecula Parkway, Suite 310, Temecula, CA 92592; Mortgage Lending License #ML-5079-42, 31351 Rancho Viejo Road, Suite 202 & 203, San Juan Capistrano, CA 92675; Mortgage Lending License #ML-5079-39, 3605 S. Teller Street, Lakewood CO 80235. TX Branch NMLS #172195, 1761 Cowan, Suite 206, Irvine, CA 92614; Branch NMLS #1173486, 32605 Temecula Parkway, Suite 310, Temecula, CA 92592; Branch NMLS #1173503, 3605 S. Teller Street, Lakewood CO 80235. WA Consumer Loan License #CL-1173503. NMLS consumer access verification. Certain restrictions apply. This is not a commitment to lend. Applicants must qualify.