What is form 4506-T and when is it used?
IRS Form 4506 T is entitled Request for Transcript of Tax Return. This form may be used to evaluate a borrower's credit worthiness to obtain any type of loan but it is used mainly for any kind of mortgage loan. It is used to a transcript summary of an individual's tax information to verify the income stated on the loan application made to qualify for the loan.
Use Form 4506T-EZ to order a 1040 series tax return transcript free of charge, or you can quickly request transcripts by using the IRS automated self-help
service tools. Find the form at IRS.gov and click on "Order a Transcript" or call 1-800-908-9946.
Lenders use the form for "Quality Control", to verify income of the "self-employed" and to detect fraud. Many lenders do a quality control check on the mortgage files they receive every day--mostly it is decided that a certain number of files a day (like every 4th file received)or any file from a "new" broker/loan officer will be thoroughly checked by the mortgage company/bank. After the file is underwritten, the file will be given to another person who will verify everything in the file. Every person who has signed any kind of verification forms will be called again to verify that he/she did write and sign that paper. Every checking or savings or asset letter will be re-verified and so will the income. If your 1040's & w2s or 1099s were included in the file, the 4506T is used to request a quick print-out which summarizes your tax returns looked like for the year/s you have provided. This summary transcript verifies the paperwork given to the lender.
This quality control and 4506T should stop any fraudulent loans from happening. If the IRS transcript shows less income than the the income represented on the loan application, then the lender can either stop the mortgage process and deny the loan or if the loan is already in place, the applicant can be asked to payoff the mortgage/loan immediately due to apparent fraud. "Legal action" can be taken, it depends on the lender and/or the state (if they become involved)as to what action will be taken against the customer, the broker/loan officer and/or both if involved.
This could be possible if you need some income tax information from past year income tax form. Taxpayers often need copies of their tax return information, especially when they are obtaining a new mortgage or when they are refinancing or modifying an existing mortgage. Taxpayers can use Form 4506T-EZ, Short Form Request for Individual Tax Return Transcript, to order a Form 1040 series tax return transcript free of charge. A transcript is a computer print-out…
Form 4506-T (Rev. January 2010) Request for Transcript of Tax Return Form 4506T-EZ (Rev. January 2010) Short Form Request for Individual Tax Return Transcript Go to the IRS.gov web site and use the search box for 4506-T Taxpayers who need their past tax return information can obtain it from the IRS. Here are nine things to know if you need copies of your federal tax return information. 1. There are two easy and convenient options…
Acetic acid can be used in the: manufacture of dyes, perfumes and rayons manufacture of rubber from latex and casein from milk. It is used for coagulation form of salts in medicine and paints form of acetates of aluminum and chromium is used as mordants dilute form is used as vinegar and in the concentrated form as a solvent form of organic esters as perfumes