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Signing IRS Form 4506 as a Prerequisite to a Mortgage Loan

UPDATED: October 22, 2013

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Many commercial lenders are asking prospective mortgage applicants to sign IRS Form 4506 a "Request for Copy or Transcript of Tax Form" as part of the application process. Once signed, it serves as the lender’s springboard to receive copies of the borrower's tax return directly from the IRS for as far back as 4 years (or beyond). Presently there are no foolproof processes in place to stonewall the distribution or retention of the return, or to control who can scrutinize the consumer's income and business return(s). Ordinarily, submitting copies of previously filed tax returns is required for loan approval. But be especially cautious of signing a blanket authorization for the lender to delve into data on a continuing basis without controls in place to insure privacy.

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