The IRS recently announced that it will be replacing the form 4506-T IRS Tax Transcript Request with a new form, the 4506-C. The IRS will no longer accept the 4506-T form as of March 1, 2021. Yesterday, Fannie Mae also acknowledged the revised IRS form and encouraged lenders to begin using the form immediately, due to the impact the lender’s post closing QC reverification requirements.

As a result of these changes, effective January 1, 2021, GMFS will require all closed loan packages submitted to GMFS for purchase to contain the new 4506C form.

Close On Your Own Document Clients: We recommend that all correspondent clients, who prepare closing packages, validate that your closing document systems/vendors have replaced the 4506-T with the new 4506-C.

Clients Using GMFS Documents: GMFS is in the process of implementing the new form and expect the form to be in its closing packages in the next few days.

Resources: For more information concerning the new IRS Form 4506-C, please visit the following links:

• IRS 4506-C Sample Form: https://www.irs.gov/pub/irs-pdf/f4506c.pdf
• IRS Form 4506-C FAQ: https://www.irs.gov/individuals/international-taxpayers/irs-income-verification-express-service-ives
• Fannie Mae Announcement: https://singlefamily.fanniemae.com/media/24631/display