Posted by Jonathan Rexford on March 12, 2002 at 19:47:46:
Well its definitely slowed me from me doing any investing. I have stopped Brokering loans. I am a much happier person…lol
Jonathan Rexford
Strange Form - Posted by Mary
Posted by Mary on March 12, 2002 at 19:14:56:
I thought I had seen it all until today. I had a loan arranger ask me to sign a form that would authorize his mortgage company to request my tax returns from the IRS if he (the arranger) was to have his loan accounts audited by his company. I refused to sign. Anybody else run into this?
Re: Strange Form - Posted by Dave T
Posted by Dave T on March 12, 2002 at 22:49:45:
I have seen this form for each loan that I have requested for the past several years. If you are providing the lender with a copy of your tax return anyway, what is your objection to this form?
Just make sure the form is not blank when you sign it. Fill in all the blanks, check the request for transcript only box, and limit the request to the tax years for the returns you already provided the lender.
Each year, a certain percentage of the lender’s loan packages are randomly selected for internal audit. I was told by a loan officer for a national lender, that percentage is between 1% and 2%. A part of this audit will include a verification of income (and, by inference, your employment), a review of the appraisal, inspection reports, report of survey, and any approved exceptions to the underwriting guidelines that were required to get your loan approved, as well as any deviations from the guidelines resulting in approval that should have caused your loan request to be rejected. As a result of this audit weaknesses in the lender’s underwriting guidelines, business practices, policies, and procedures can be identified, strengthened, and, focused training can be delivered to the appropriate staff.
Re: Strange Form - Posted by Jonathan Rexford
Posted by Jonathan Rexford on March 12, 2002 at 19:19:23:
Its pretty standard. Its just to make sure its the same returns that you supplied to the mortgage company. Now if its a Stated or a No doc. Then I would question it. Is the Form a IRS 4506
Jonathan Rexford
Recovering Mortgage Broker
Re: Strange Form - Posted by Mary
Posted by Mary on March 12, 2002 at 19:45:26:
Well, my refusal to sign did not stop the loan process so I guess it’s not mandatory. Hope you can recover.