The Applicant/Consumer is always in control of the access and release of account information. You can verify as many accounts as the Applicant/Consumer registers and authorizes for release to you.
The Applicant/Consumer is required to have online banking credentials for FinLocker to verify their banking information. FinLocker requires the Applicant/Consumer to have online account credentials for any accounts that they wish to provide the lender electronically. If they do not have online banking access or online account access for the financial information they wish to release, we recommend the Applicant/Consumer sign up for access of each account so they can take advantage of the automated process.
FinLocker currently has access to over 15,000 financial sources, and is rapidly expanding access to additional sources. If an Applicant’s/Consumer’s bank or financial institution is not currently available on our network, they can contact us directly, and we will begin the process of requesting authorization from the financial institution.
The financial information is processed immediately once the Applicant/Consumer provides FinLocker consent and access to their accounts. FinLocker pulls the authorized Applicant/Consumer data, analyzes, and in minutes informs the loan processor or Applicant/Consumer if any explanation or additional documents are needed. The Applicant/Consumer provides explanations, enroll any additional accounts if needed, and uploads any other documents if needed. The lender is immediately notified once the final loan application package is completed and authorized by the Applicant/Consumer for release. The entire process can take a matter of minutes depending on the Applicant’s/Consumer’s response time to the request for any required explanation(s) or additional documents.
Tax Return Transcripts show most line items from a tax return (Form 1040, 1040A or 1040EZ) as it was originally filed, including any accompanying forms and schedules. This transcript does not reflect any changes the tax filer, their representative or the IRS made after filed the return. Tax Return show exactly what you filed with the IRS.
It typically takes the IRS 6 to eight 8 weeks to add new filings or corrections to their database.
Tax Account Transcripts can be obtained that provide any adjustments either the filer or IRS made after the return was filed. This transcript shows basic data, including marital status, type of return filed, adjusted gross income and taxable income.
Completed transcripts usually are received within minutes after the Applicant/Consumer has registered with IRS.gov website. After the Applicant/Consumer is registered with the IRS.gov website, then the Applicant/Consumer provides consent and approves access to retrieve the tax transcript.
If the applicant filed their tax return electronically, it takes about 3 weeks before the tax transcript will be available. If they mailed in a paper copy of their tax return, it takes about 6 weeks. If the applicant did not pay all the taxes owed, their return and their transcript may not be available until mid-May, or a week after they pay the full amount owed.
You can request up to the last 4 tax years.