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The Medicine That Cures During Mortgage Application? "ProActive"
 
The Medicine That Cures During Mortgage Application?
"ProActive"
 
I'm presently working with multiple self-employed mortgage applicants ... and as you would probably suspect, the process for these applicants is a bit more detailed in scope.
Why?
There are several reasons.  A few of those reasons are found in an article I wrote just a few days ago entitled, "Self-Employed and Hoping to Finance a Home?  What You Need to  Know ..."
But perhaps the detail that has historically been the largest stumbling-block and biggest frustration for my clients has surrounded the request for/and obtaining of their Federal Income Tax Return.  The COVID-19 pandemic we are now facing has only served to worsen these problems.
Right now, The Internal Revenue Service (from which tax returns are requested), is running on what the IRS website refers to as "a limited staff".  It goes on to state that they are "experiencing delays" regarding paperwork and tax refunds both.  
In many cases, these issues are creating an additional layer of problems for mortgage applicants and lenders during the mortgage process and its underwriting.
Why are they an issue/problem? 
Current lending requirements demand that most, if not all, loan files include a signed 4506-T (IRS Form #).  This form allows and authorizes the Internal Revenue Service (IRS) to confirm the filings of ... more

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