Wednesday, October 04, 2006

Welcome to the 21st century IRS

Read a bit recently where the IRS will process Form 4506-T requests within one to two business days now. As any of you who do real estate closings likely know, 4506-T allows a mortgagee to obtain IRS summaries of a persons income and tax data for up to four years. This might tighten up the stated income and no doc loans. This should make it easier to run income checks pre-closing.

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