4506-T at closing

[Anonymous]

Question for you title people and or mortgagers.

I closed today but as part of the millions of documents the person made me sign a 4506T and then proceeded to ask me if the tax returns that followed were mine. I don't remember if this occured last time but why would they want that form if i already signed that same form when i filled out the initial disclosure documents.  I have nothing to hide but i wanted to pass this along for those that may be worried or something  and just am curious as to why and i had so much going on today i just wanted to get it all over with and take ownership so i never asked. 

Thanks everyone 

[StartingOver10]

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@Anonymous wrote:

Question for you title people and or mortgagers.

I closed today but as part of the millions of documents the person made me sign a 4506T and then proceeded to ask me if the tax returns that followed were mine. I don't remember if this occured last time but why would they want that form if i already signed that same form when i filled out the initial disclosure documents.  I have nothing to hide but i wanted to pass this along for those that may be worried or something  and just am curious as to why and i had so much going on today i just wanted to get it all over with and take ownership so i never asked. 

Thanks everyone 

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The lender can go back and pull your tax returns from the IRS based on the new 4506-T to make sure the information iin the file matches what was filed with the IRS.  This is SOP.  They have X number of days to do it. If you look at the form sometimes it is limited to 60 days, other times 90 days.

It is supposed to be one more quality control type check.  Here is a pdf from Fannie Mae's website that explains https://www.fanniemae.com/content/fact_sheet/irs-form-4506t-tips-for-underwriters.pdf

[Anonymous]

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@StartingOver10 wrote:

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@Anonymous wrote:

Question for you title people and or mortgagers.

I closed today but as part of the millions of documents the person made me sign a 4506T and then proceeded to ask me if the tax returns that followed were mine. I don't remember if this occured last time but why would they want that form if i already signed that same form when i filled out the initial disclosure documents.  I have nothing to hide but i wanted to pass this along for those that may be worried or something  and just am curious as to why and i had so much going on today i just wanted to get it all over with and take ownership so i never asked. 

Thanks everyone 

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The lender can go back and pull your tax returns from the IRS based on the new 4506-T to make sure the information iin the file matches what was filed with the IRS.  This is SOP.  They have X number of days to do it. If you look at the form sometimes it is limited to 60 days, other times 90 days. It is supposed to be one more quality control type check.  Here is a pdf from Fannie Mae's website that explains https://www.fanniemae.com/content/fact_sheet/irs-form-4506t-tips-for-underwriters.pdf

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My question sorry is why do they re-require me to sign it. at closing when  I signed it the first time when i signed the initial 50 some odd pages of initial disclosures at the time of application.  So shouldn't they should already have them because they even told me that they were ordered and was waiting as part of underwriting so i would assume they had to of came back because they had given me what was holding up final underwriting and it was uncooperative employer but never mentioned it again. I mean I have nothing to hide but its just a waste of money for them to re-order them if they have been ordered already.  So i was just wondering why you have to sign this form 2 times when the documents should already be where they needed to be

[Anonymous]

i guess this is just if you get selected for a random quality control check they can re-order them. I didn't realize you sent me a link

[_NERD]

What if I already have my tax transcripts for the last 5 years? Will it make that process faster?

[Anonymous]

No it won't make it any faster, they won't usually use your forms, they order their own sets for recordkeeping if needed...The lender is just covering their arse...It is SOP as pointed out...a lot of people miss recognizing they are signing that form again at closing...It's an updated timeline...The first one you signed was from when you first submitted the loan application...This new one gives them more time to go back to double check...Usually if the loan is going to be repackaged and sold, it's quality control to make sure they don't have a loan that they have to hold on their books.