As lenders review loan applications they go through the task of verifying everything that you supplied on the form. If you say that you work at a certain employer the lender will คอนโดมือสอง ราคาถูก want to see a paycheck stub from that lender. If you say you have $50,000 in the bank then the lender will want to review bank statement with your name on it showing an approximate $50,000 balance. Lenders also verify your income by not just by your paycheck stubs but by independently wing your tax returns directly from the IRS.
As part of the multitude of forms and disclosures you'll sign during the mortgage approval process, one of those forms allows your lender to compare the tax returns you provided the lender directly with what you sent to the IRS. In the past, borrowers could provide two sets of tax returns, one for the mortgage company and the real one sent to the IRS. Typically, the one sent to the IRS showed less income than returns provided a lender.
Lenders got around the notion of different returns by having the borrower complete the IRS form 4506-T. This form authorizes a mortgage company to access your filed tax returns directly from the IRS. The lender will then compare the two and move on. The problem with the 4506-T form is the time it takes to get the returns from the IRS. Sometimes it can take weeks to get the correct forms from the IRS and if there's a discrepancy then it can take even longer. Lenders are required to include tax returns in a file and if the lender doesn't have the forms from the IRS then the loan can't close.
However, beginning in January of 2013, lenders will be able to independently access these forms electronically. Come January, the loan approval process will be streamlined when it comes to tax return verification. What used to take weeks will soon take a matter of moments. From the federal government no less. Go figure.
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