Roughly 2 weeks into the government shutdown, the Internal Revenue Service announced it will resume processing lender requests for tax transcripts to verify income for mortgage applications.
In a letter released on Monday, January 7 to those participating in its Income Verification Express Service, the IRS said that it will start to work through the backlog of requests and that the employees involved will return to work.
The IRS suspended processing tax transcript information when the shutdown began but trade groups, including Mortgage Bankers Association, lobbied the IRS to reconsider. The shutdown that began Dec. 22, 2018 has left 380,000 federal workers furloughed and another 420,000 working without pay.
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