Title Image

Aim for Successful Mortgage Closure

Aim for Successful Mortgage Closure

Every individual dreams of buying a house, but with it comes many responsibilities and hassles. One of the major factors to avoid is delaying the closing of a deal. Most homeowners are unaware that a small mistake on their part can cause a lot of delay from the IRS.
According to changes in the law, every mortgage lender has to obtain a buyer’s federal tax return transcripts for the past two years, before proceeding with a deal. These transcripts can be obtained only with a 4506-T form, signed by the buyer/homeowner.  Only a ‘Clear’ result from the IRS gives the mortgage lender the green signal to move forward with the loan process. There are many cases that ‘Fail’ after the scrutiny of the IRS and statistics show that 80% of these failures are due to wrong/mismatched addresses. Even a trivial missed out ‘N’ or ‘NW’ after the name of a road can result in a rejection. The remaining percentage of failures are caused by reasons such as: the borrower not filing a federal tax return, discrepancy in the tax returns filed and those provided to the lender, and discrepancy in the income provided to the lender and the IRS.
As with any important form, the 4506-T also needs to be filled with utmost care. Let’s recap the main points mentioned In How to Avoid Rejections on a 4506-Transcripts Form:

  • Make sure that all the data, including your signature is legible.
  • Do not use a whitener to correct mistakes in a hand-written form; always start fresh. The IRS rejects forms with such corrections.
  • The 4506-T form should not lose its original size upon scanning and the form must be submitted in the portrait layout, not in landscape.
  • Ensure that the primary taxpayer’s name is entered correctly. If it is a joint return, both partners must sign and date the form.
  • Make sure that the address on the form matches with the address on the tax return for the requested year.

Also, it is always advisable to approach a professional agency like us for faster processing and avoidance of rejections.

Coming Soon!

The New Private Eyes Platform.

Background Checks | LegacyLender Solutions | Login

For any questions contact us at (925) 927-3333.

Site Security Notification

 

Use the buttons below to continue your login.

For SITE SECURITY purposes and to ensure that this service remains available to all users, this computer system employs software programs to monitor network traffic to identify unauthorized attempts to upload or change information, or otherwise cause damage. Unauthorized attempts to upload information or change information on this service are strictly prohibited and may be punishable under the Computer Fraud and Abuse Act of 1986 and the National Information Infrastructure Protection Act.

NOTICE: We will not obtain personally-identifying information about you when you visit our site unless you choose to provide such information to us.

Point of Contact for Security and Monitoring: Frank Santa Elena email: security@pebackgroundchecks.com Information Systems Security Officer (ISSO) for www.privateeyesbackgroundchecks.com phone (925) 927-3333.

For any questions contact us at (925) 927-3333.

Find the Right Lender Solution

Fill out the information below and we will contact you or call us at 925-927-3333



First Name*
Last Name*
Email*
Phone*
Company*
Street
City
State
Zip Code
Number of Employees
Where did you hear about Private Eyes?

Find the Right Background Screening Solution

Fill out the information below and we will contact you or call us at 925-927-3333.



First Name*
Last Name*
Email*
Phone*
Company*
Street
City
State
Zip Code
Number of Employees
Where did you hear about Private Eyes?

Candidate Assistance

If Private Eyes is running your background check, please contact our Customer Service department. A person on our team will be more than happy to assist you

Email: CSS@pebackgroundchecks.com
Call: (925) 927-3333

Private Eyes Customer Assistance

If you are a current customer, please contact our Customer Service department. A person on our team will be more than happy to assist you.

Email: CSS@pebackgroundchecks.com
Call: (925) 927-3333