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What exactly is shown on the transcripts sent back after filling out a form 4506-t?

James, you mentioned that it is only to verify that Schedule C's are filed, but not to verify income. Does this mean that the income is not stated on the documents that the lender receives after requesting one of these forms?

jenkin7 · Posted: Fri Feb 26, 2010 11:03 pm Post subject:

Hi MattW,

The transcripts show a summary of your tax information. Lenders use this to check your creditworthiness for a mortgage loan. As far as I know, they do use it to verify the income you state on your mortgage application. Lenders do this for quality check and to curb mortgage frauds.

gmakerley · Posted: Sat Feb 27, 2010 2:16 pm Post subject:

and the reality of it is that the lender gets the reality of the tax situation. some borrowers would supply tax returns to the lender and then turn around and file the real return(s) differently. the irs sends the exact documentation as filed by the consumer. as jenkin7 said, it's a way to curb fraud.

Guest

When does the 4506 become active, at the time of filing or after 4-15?

gmakerley · Posted: Mon Mar 01, 2010 3:27 pm Post subject:

i believe that most everyone uses it as soon as it is signed. since you won't have to file your 2009 tax return until 4/15, the lenders will wish to verify the transcripts that were most recently filed. of course, that will include some of those who have already filed this year.

raymond · Posted: Mon Mar 01, 2010 4:52 pm Post subject:

>>I just gave my broker notice I wont sign, guess im dont with this lender

Chances are you're done with all Lenders if you fire her, because everybody requires that document nowadays.

steven_swihart · Joined: 15 Jun 2009 Posts: 3 1.34 Dollars($)

thanks guys

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