4506: Will IRS Furlough Days Impact Mortgages?
- 05/25/13 12:12 PM
Will IRS Furlough Days Impact Mortgages? Here is a thought: will the IRS furlough days impact 4506 Transcript proscessing? When mortgage borrowers sign their disclosures, they acknowledge the lender's intention to verify tax returns with the IRS by signing a form 4506-T, which allows the lender to retrieve a tax transcript fromt the Internal Revenue Service. Lender's use the 4506-T tax transcript to compare the borrower's w-2s to his or her reported income. The first 5 furlough days for 2013 are currently scheduled to take place on May 24, June 14, July 5, July 22 and August 30. This means … (0 comments)
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John Regur
Branch Manager, Hamilton Group Funding NMLS#831824
Will IRS Furlough Days Impact Mortgages? Here is a thought: will the IRS furlough days impact 4506 Transcript proscessing? When mortgage borrowers sign their disclosures, they acknowledge the lender's intention to verify tax returns with the IRS by signing a form 4506-T, which allows the lender to retrieve a tax transcript fromt the Internal Revenue Service. Lender's use the 4506-T tax transcript to compare the borrower's w-2s to his or her reported income. 
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