Homebridge is providing guidance on 2022 W-2/1099 and tax return requirements. The following applies to conventional, government (including manually underwritten loans), Jumbo AUS, Jumbo Elite, and Simple Access Full Doc and 1099 Only transactions.
2022 W-2/1099 Requirements
Federal law requires employers to issue W-2s and Form 1099-Misc for the previous year to employees/individuals no later than January 31st of each year.
W-2/1099 transactions with a Note date of 2/1/23 or later will require a copy of the 2022 W-2/1099.
In the event a borrower has not received their 2022 W-2/1099 by February 1st, Homebridge will consider an exception on a case-by-case basis.
2022 Tax Return Requirements
Federal law generally requires tax returns to be filed by April 15, 2022 (see Note below) unless an extension
NOTE: Due to Washington D.C.’s observance of Emancipation Day, the federal tax filing deadline has been extended to Tuesday, April 18, 2023
Tax returns must be provided only when required by AUS or by program.
- Tax Returns NOT Filed: Transactions requiring the most recent tax return (per AUS or loan program) AND the Note is dated on or after 1/24/23 AND tax returns not filed:
- Loans funding on or before April 18, 2023:
- The borrower must sign the Homebridge Tax Return Affidavit attesting they have not filed their 2022 return.
- Loans funding on or after April 19, 2023:
- The borrower must sign the Homebridge Tax Return Affidavit attesting they have not filed their 2022 return, AND
- Provide evidence an extension has been filed
- Tax Returns Filed: Transactions requiring the most recent tax return (per AUS or as required by loan program) AND the Note is dated on or after 1/24/23 AND tax returns filed:
- Loans funding on or before April 18, 2023:
- A copy of the fully executed 2022 tax return required
- Loans funding on or after April 19, 2023:
- A copy of the fully executed 2022 tax return, AND
- Evidence any monies owed have been paid, OR
- Evidence a refund has been/will be received
Tax Return Affidavit (When Required)
- Broker Transactions and Emerging Banker Transactions (Homebridge Prepares Loan Documents):
- Homebridge will provide the Affidavit with the closing documents for borrower signature
- NDC and Emerging Banker Transactions (EB/Fulfillment Provider Prepares Loan Documents):
- The NDC/EB is responsible to obtain the signed Tax Return Affidavit with closing documents
The Tax Return Affidavit has been posted on the Homebridge website on the Forms page under General Forms
If you have any questions, please contact your Account Executive
