Re: Re: Re: Re: Re: Irs 4506 ..Closing Document Well, I didn't want to sign the form either. It was never mentioned until it was shoved under my nose at closing. The closing agent did point out to me then ( I now remember) that it was only good for 60 days. So I signed mine. I can understand not wanting too though. I don't like people snooping into my personal affairs behind my back. SNEAKY!
Re: Re: Re: Re: Re: Irs 4506 ..Clos IF THAT WERE TRUE... THEN WHAT IF THEY WERE AUDITED MORE THEN 60 DAYS AFTER CLOSING?
Re: Re: Re: Irs 4506 ..Closing Document ???? If they use it, they're not checking your honesty, they're checking the lender's honesty. It's easy to fake a W-2. You can get blanks from any printer and fill them out however you want. Or you can just take a real one and spend a little quality time with a bottle of white-out and a photo-copier and viola! Instant income! Fraud happens. There is a lot of money in real-estate, and some people are willing to do anything to get more than their share. This is just one way the bad-guys can get caught and put out of business. And? You make it sound like the lender looking at your tax returns is a bad thing. They've already seen your w-2's, your bank statements, your pay-stubs, your credit report and maybe even your retirement accounts. The audit, if it happens, has nothing to do with you personally. If they request these records, they do it directly with the IRS and you never know about it. They're only requesting information they already have to check it for accuracy. If you live your life in fear of what someone else can do to you, you'll never be happy. You will always be able to think of something that could happen. Nestea and REInvestor...have either of you ever heard of something bad happening as a result of someone signing a 4506 form for a mortgage? I havn't. If the two of you object to this form in your own personal business, well, maybe you have reason to. But without any instances of harm to anyone, don't you think it's a dis-service to be passing on this fear to others?
Re: Re: Re: Irs 4506 ..Closing Document ???? A business associate owns a mortgage com. We were discussing this form and she sais one guy fudged his numbers by over a million bux. He made up false docs to qualify for the loan and got busted when the mortgage co was doing random audits. Of course...why would you apply for a million+ dollar home if you couldnt afford it? It would suck to move after a few months, lol.
Re: Re: Re: Irs 4506 ..Closing Document ???? Mycroft, I uderstand what your saying about the broker and fraud - I would never allow the fudged documents to go through, I would stop right there. Anyone who will lie "for" me will lie "to" me. Also, to me it's just logical - in this world, with the way things are done, it's not a case of living in fear of what what others will do, it's being prudent about what I have given them permission to do. When I read something prior to signing, I assume it means what it says. It's very easy for someone to say "oh, that's only........" and later it turns out to be something I never in my wildest dreams could have imagined, and I have no way out. I wouldn't be like this, if it hadn't happened to me a few times. I end up holding the bag, and I just won't put myself in that position if there is another way to get what I want, or in this case, to get more information about the issue. I am not trying to scare anyone, I don't know a lot about mortgages, so don't anyone assume I am an expert in this area. I am a dummie asking questions that annoy the experts, LOL. I should qualify for a no doc loan. Is there some reason they would require this form with a no doc?
Re: Re: Re: Re: Irs 4506 ..Closing Document ???? That assumes you know about it. If you're a mortgage broker committing fraud, the last person you want in on it is the buyer. I meant that comment to be directed at Nestea and REInvestor. I was just too lazy to put it into it's own message. You are by no means dumb. A no doc loan is a specialty product. It's an option for when you don't qualify for a full doc loan. Some no doc programs require it, some don't. I don't have a good answer for why. I suspect it's to help price future loans, but that's only a guess. If I remember, I'll ask next time an account rep comes by.
Re: Re: Re: Re: Irs 4506 ..Closing Document ???? Yikes! That is scary!! So I don't see the final paperwork? Someone who does this sort of thing could change what I signed? So, do they take away their licenses if they get caught? I qualify for conventional, I just don't want all that paperwork and people nosing in my business.. You mean "price future loans" as in what other business they might get from me?
Re: Re: Re: Re: Re: Irs 4506 ..Closing Document ???? No, I just meant that if someone was going to forge a W-2, it would be really easy to take whatever the customer gave him and switch it. Forging signed closing docs would be a lot harder. Well, if not showing W-2's and paystubs is worth a higher interest rate to you, then perhaps a no doc loan is right for you. I meant similar loan to other customers, but that was just speculation.
Re: Re: Re: Re: Re: Irs 4506 ..Closing Document ???? Isn't a copy of the signed application and documents submitted included with the final papers signed at closing? I know with insurance, the application and any documents are part of the contract, and the client receives them all in one package, and has to accept it as accurate.
Re: Re: Re: Re: Re: Irs 4506 ..Closing Document ???? UPDATE****UPDATE***UPDATE**** Recieved checks today the loan is closed, and I did not sign or send back the 4506, so you guys were right they don't even look for that form.
Re: Re: Re: Re: Re: Re: Irs 4506 ..Closing Document ???? Yep. A standard FNMA 1003 mortgage loan application is a normal part of the closing documents, but the income line doesn't get a lot of attention. It's on the second page which only requires an initial, not a signature. I forget when this discussion turned into a how-to on fraud, but I think that a mortgage broker who wanted to do something like that had better choose a customer less observant than you.
Re: Re: Re: Re: Re: Re: Re: Irs 4506 ..Closing Document ???? Ahhhh OK. Gotta read before signing!! I just know all the implications. That comes from being in the insurance industry. I know, if I initial that line, then I am saying I read it, and it is accurate. That part comes right before my signature on the bottom line, right? Doh. It means what it says. The average person hasn't had extensive exposure to contracts and applications and such, and tends to trust the "professional" who is handling their transaction. I hardly ever have an insurance applicant read what they sign - they count on me to tell them what it says and interpret what that means to them.
Re: Re: Re: Re: Re: Re: Re: Re: Irs 4506 ..Closing Document ???? Except that on the mortgage loan application, it's one initial for an entire page, and there is a lot of information on that page. Along with income, you will find a comparison of housing expense before and after the mortgage, a synopsis of the expenses as stated on the HUD statement, and assets and liabilities. It's also not uncommon for a customer not to know what his income is. At least not exactly. Ditto.
