IRS Mortgage Applicant Program Lacks Security Protections

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IRS Mortgage Applicant Program Lacks Security Protections

 

"Federal auditors say the popular “tax transcript” program run by the Internal Revenue Service and used by millions of mortgage applicants a year lacks adequate security protections against disclosures of tax-return details to people who shouldn’t be allowed to obtain them." - Kenneth R. Harney

"Mortgage borrowers routinely fill out an IRS Form 4506-T, which grants permission for third-party vendors to access their tax records and send them to banks and mortgage companies. Lenders use the service to verify applicants’ income. A key security issue in the mortgage-related portion of the program is whether the third-party “requester” of a transcript has been properly vetted by the IRS and found eligible to receive transcripts." - The Washington Post 

Mortgage applicants need to take great care when completing the IRS Form 4506-T. Line five which contains the name of the third party that will obtain the transcripts should never be left blank. 

 

Click here to view the full article by Kenneth R. Harney in The Washington Post.

 

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Roy Kelley and Associates

 

Roy Kelley, Associate Broker

Realty Group Referrals (Retired from RE/MAX Realty Group)

6 Montgomery Village Ave., Suite 200

Gaithersburg, MD 20879

Main Office:  301-258-7757 (You will not reach me at this number)

Send an email message if you need my phone numbers. I will be happy to recommend a real estate professional if you are moving to the area.

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Gabe Sanders 04/19/2018 11:00 PM
Topic:
Mortgage / Finance
Location:
Maryland Montgomery County Gaithersburg
Tags:
irs mortgage applicant program lacks security protections

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Rainmaker
4,308,517
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

This is very important information, Roy, and should be shared as much as possible with all those applying for a loan.

Apr 08, 2018 04:57 AM #2
Rainmaker
2,629,824
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Wow, thanks for the information Roy.  The older I get the more way people can get information on us about anything.

 

Apr 09, 2018 06:40 AM #5
Rainmaker
1,746,323
Patricia Feager
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

Roy Kelley - This is excellent information to know and scary too! It also makes a stronger case to save and pay cash if possible when buying homes.

Thank you for bringing this to my attention!

Apr 10, 2018 11:57 AM #6
Rainmaker
2,784,959
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

This is an integral part of the short sale procedure and should be carefully mornitored by agents who instruct Sellers to complete them.

Apr 20, 2018 03:42 AM #8
Rainmaker
4,650,546
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Thank you very much for your comments. It is always good to hear from you.

Apr 20, 2018 06:27 AM #9
Rainmaker
4,650,546
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs
CHARACTER COUNTS! Celebrationcharacter 
Gaithersburg proudly celebrates more than 20 years of promoting good character through the CHARACTER COUNTS! program. Infused in youth programs and supported in our schools, CHARACTER COUNTS! uses the Six Pillars of Character to help teach and reinforce ethical behavior. We celebrated the winners of the City's annual poster, essay and photo contests at a special reception on May 2 at Rachel Carson Elementary School. View the winning entries here.
 
May 17, 2018 12:30 PM #10
Rainmaker
4,650,546
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Minimum Wage Increase in Montgomery County, Maryland

 

On July 1, 2018 the minimum wage increases to:

$12 for businesses with 50 or fewer employees.

$12.25 for businesses with 51 or more employees.

For more details, please see the rate chart:

View the Rate Chart 

Jun 23, 2018 08:22 AM #11
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