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How long will my tax transcripts take to process by the IRS? CAN'T CLOSE WITHOUT THEM!

My mortgage originator let me know about two weeks to closing that the he can't pull my 2010 tax transcripts.  Upon calling the IRS, they don't have them and I had to refile.  I sent them overnight via FedEx and verified delivery on 8/27/12.  It is now 9/9/12 and I still don't have any more information the IRS.  I was supposed to close on 9/6/12 and we are now officially in limbo...  The tax payer advocate can't do anything since I sent them in personally and a duplicate return will just prlong the process.  The underwriter will absolutely not approve until they have them in hand and will not accept any alternatives.  The mortgage is being written DU and being sold to Wells Fargo and than Fannie may and apparently they require this.  Any ideas on how long this will take, or ideas to help?
  • September 09 2012 - US
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Answers (5)

I agree, once you mail the return, it is not wise to confuse the issue with a hand carried return.  You want to do the Hand Carry first!
  • September 24 2012
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Be very careful hand carrying them to the IRS if you have already mailed or electronically filed. I had a client do both and it delayed transcripts because IRS showed 2 filings, then had to HAND sort them both before they were entered into the automated service. Took over 3 weeks.
Best wishes, Jim
  • September 24 2012
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There is an alternative way to handle this situation that has worked for me in the past.  I have had my clients hand carry their return to their local IRS office.  Once they hand the return to the clerk, the clerk makes a copy and stamps the copy with the cleark's personal stamp containing their identification number. This give the Lender an avenue for verification purposes.
     Once you mail in a return you are at the mercy of the IRS turn times and they vary from 6 weeks to much longer during tax season. 
  • September 24 2012
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Did you ever get an answer to this?

I'm in the same boat.
  • September 24 2012
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Also, I did read on here someone was able to close by switching their underwriting from DU to LP and getting an exception.  I thought DU / LP are just software to auto underwrite the loan prior to submitting.  Are the requirements that much different?
  • September 09 2012
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