How Can Mortgage Lenders, Banks, and Credit Unions Benefit From 4506-Transcripts?
Before you lend money, it is important to establish the financial worthiness of your client. Traditionally, that was done by checking the client’s credit rating and asking for a copy of his tax return, but that only tells you part of the story.
While it is great to ask for tax returns, you may be missing out on important information such as:
- Whether the return was ever accepted by the IRS
- Whether changes were later made to the return
- Did the client pay the tax liability in full
4506-T Request for Transcript
An IRS transcript is better proof of income than the return. It is third-party confirmation of the amounts reported on the return, and it gives you a truer picture of the client’s true ability to pay back a loan. It is also a requirement for many types of loans.
Requesting a transcript by mail can take 10 days or more, and that is if it is filled out correctly and does not get rejected by the IRS. Many potential clients do not want to wait 10 minutes to know if they qualify for a loan, forget 10 days. With 4506-Transcripts on your side, the transcript request is double-checked for errors before it ever leaves the office. You can get a quick response that allows you to close the deal sooner and with the confidence of knowing you have properly vetted to prospect.
Beyond transcript requests, 4506-Transcript is prepared to help you with the following services:
- Verification of assets
- Employment verification
If you work for a mortgage lender, bank, or credit union, benefit from the rapid, accurate services provided by 4506-Transcript and turn prospective clients into happy customers.