The Coronoavirus effects mortgage loan processing with an immediate halt by the IRS to processing 4506-T requests. Effective immediately, 4506-T requests will not be processed by the IRS as it considers the impact of state and local shelter in place orders issued due to the COVID-19 outbreak.
A form 4506-T allows lenders to verify with the IRS the tax forms supplied by the applicant to prove their income match those in the possession of the IRS. The IRS can provide a transcript that includes data from these information returns.
As an alternative to obtaining tax transcripts from the IRS, applicants can download their tax transcripts and submit them directly to their lender. Visit the IRS website: https://www.irs.gov/