Verifying an applicant’s income is an important part of the mortgage process. Typically, this is done by submitting a Form 4506-C, which is a request for a taxpayer’s transcript. The transcript contains wage and other data that mortgage providers can use to determine if a
The IRS started modernizing Form 4506-C. This process will add automation, which will improve the agency’s efficiency and completion rate. The initial step of the modernization effort is the implementation of Optical Character Recognition (OCR) software. This software reads the form. For your form to
It is certainly possible to make a living as a loan officer by catering to clients who are looking to buy their first homes. However, it can take many years to establish yourself as someone who is capable of meeting their needs. Let's take a
If you are a loan officer and want to get the most from your borrowers, help them understand the lending process and what it means to them. Go over different credit factors and how they affect your clients over the long run. Make sure you
Missing tax returns usually means trouble, and it’s a safe bet that they weren't all lost in the mail.Even experienced loan underwriters can overlook the significance of a missing tax return. By itself, a public records check showing that a business has no tax liens
Fraud is an ongoing threat to loan underwriters. Professional criminals can make an art form out of defrauding lenders. However, most experienced underwriters have a well-honed ability to detect red flags. Seasoned and astute attention to detail on the part of an underwriter can stop
When it’s time to consider the financial situation of a business or individual for a loan or mortgage, lenders agree that verifying tax transcripts directly from the IRS is one of the most important steps to take when evaluating the borrower’s ability to repay the
Commercial lenders must grapple with fighting synthetic identity fraud. It is one of the recent trends most fraudsters use to get away with their malicious acts. With this strategy, at least $6 billion is lost per year. Synthetic identity fraud It is a process that involves the
To be a successful loan officer, you must master the art of timing. For example, closing deals during the holidays can be almost impossible. Most leads postpone signing the contract until after the festivities. Second, getting your facts right regarding the interest rates, terms, and
The finance sector is quite a challenging industry, especially if you are an employee or an entrepreneur whose business engages in the loans and the financing sector. Risks such as bad debts and a bad business reputation may make your job or business go down