Released: October 10, 2009

A mortgage loan form to take seriously

Source: Kenneth Harney, Washington Post (Free Registration)

You might assume it’s just another boring-looking piece of the paper blitz you’re hit with when applying for a home loan. But given the new prominence of IRS Form 4506-Ts in the fraud-shocked mortgage market, it’s much more than just another document to sign.

The form authorizes a loan officer or mortgage investor to get electronic transcripts from the Internal Revenue Service covering multiple years of your federal income tax filings. Though the IRS has supplied private tax-return information to lenders for years, the data typically were requested only at settlement, and mainly for self-employed applicants or those with unusual income patterns.

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