CBC Mortgage Agency

NMLS: 1186381
912 W. Baxter Drive, Suite 150
South Jordan, Utah 84095

Main: 866.563.3507
Servicing: 866.563.7572
Fax: 435.237.0022


December 27, 2018 By

Processing Alternatives During Potential Government Shutdown

During the government shutdown, we want to remind you of the following service, which would potentially be unavailable during that time and what possible alternatives there are. It is important to make every effort to comply with existing guidelines if the normal processes are still available. If those processes are not available, then alternatives, where possible, are shown below. In the event of a government shutdown, further guidance will be forthcoming.

IRS Form 4506-T

CBC Mortgage Agency requires tax transcripts on all loans to ensure that tax returns and W2s provided to our organization are not fraudulent. Although current CBC requirements for obtaining the signed IRS Form 4506-T continue to apply, as long as there is an inability to process tax transcripts due to a potential government shutdown, we will allow the following alternatives to processing the IRS Form 4506-T:

• Obtain executed tax returns from all borrowers, whether self-employed or W-2 wage earners and include one of the following items:

• Documentation indicating that the refund amount deposited in the applicant’s bank account matches the refund amount on the 1040 or evidence of refund from the“Where’s my Refund” website (https://sa2.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp).

• A cancelled check in the amount equal to the tax due on the 1040.

• Certification from CPA or IRS-registered tax preparer.

• Other documentation provided by the borrower, such as correspondence from the IRS that gives reasonable verification that the tax returns we have were actually filed and match IRS data.

Note: Upon review of documentation provided, CBC, in its sole discretion, will determine if the documentation provided is a sufficient alternative to tax transcripts. Where verbal verifications of employment for a government employee cannot be obtained due to a government shut down, CBC Mortgage Agency will review and determine existing satisfactory or available alternative verification on a case by case basis.