Monthly Archives: June 2017

Do Agencies Require Tax Transcripts and 4506-T’s Prior to Closing?

Agencies like the USDA have strict rules concerning income verification for home loans. In the past, it was standard practice for lenders to submit a borrower’s tax transcript ad associated IRS Form 4506-T Request for Tax Transcript. Delays and rejections … Continue reading

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IRS Rejection Messages Are a Reminder to Look Out for Fraud Red Flags

Freddie Mac customers have reported that, a few times, requests submitted through the IRS Form 4506-T have been returned with a rejection code, “Limitations.” These sorts of rejections combat identity fraud and stop unqualified access to taxpayer info. Rejections of … Continue reading

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Some Common Pitfalls Lenders Often Run Into that Impair the SBA Guaranty

When a loan is submitted to the Small Business Administration (SBA), the agency reviews it to determine if it will honor or deny the guaranty. As part of this process, it requires lenders to submit certain documentation, including transcripts of … Continue reading

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Form 4506-T – How Long Does It Take?

IRS Form 4506-T The U.S. Internal Revenue Service (IRS) provides Form 4506-T for those who seek past records of W2, 1099 and tax returns filed in previous years. Since many individuals file taxes online, these tax records may be kept … Continue reading

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