Posted on: 23rd Jan, 2007 06:53 pm
I am paying extra for a stated income loan and making people sign this is like have a documented loan, this is a ripoff
People do stated income because their income is complicated
I just gave my broker notice I wont sign, guess im dont with this lender
People do stated income because their income is complicated
I just gave my broker notice I wont sign, guess im dont with this lender
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.
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.
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.
When does the 4506 become active, at the time of filing or after 4-15?
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.
>>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.
Chances are you're done with all Lenders if you fire her, because everybody requires that document nowadays.
thanks guys
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