If you own a mortgage or are thinking of taking one, then the new changes in the Dodd-Frank ACT will be of interest to you. As of August 15th, 2012, the Federal Reserve and five other financial regulatory agencies have proposed a new appraisal requirement
A few days ago, President Obama announced that he plans to heal the wounding American economy by pushing the Congress to pass the Home Affordable Refinance Program. The bill will help ‘responsible’ homeowners refinance their mortgages at a much lower rate and will amount to
As you know, we have covered form 4506-T extensively in our previous blogs. Since some of you asked, we would like to clarify difference between the forms 4506, 4506-T and 4506t-EZ. 4506 This form is used to obtain a full copy of your income tax return.Includes complete
According to a report by RealtyTrac® Inc., 1 in 666 housing units received a foreclosure filing in June 2012. This increase in foreclosure was seen in almost 60% of larger cities in the U.S., and is an indication that there will be many homes on
On one hand we have hints of an improving economy but on the other we have news from Freddie Mac that the 30-year mortgage rates have hit rock bottom, at least close to that. They are at a new low of 3.49 %, which is
We recently came across a piece of news, which said that Chinese banks had been given the permission to buy major stakes with their American counterparts. These deals have been signed between the U.S. and China hoping to strengthen the business relationships between the two
The IRS form 4506-T is an important part of the home loan process. Even though you may not notice such a form amidst the numerous papers that you sign, 4506-T is bound to be one of them. In the current housing market, like we have
Moving away from the business of mortgages, let us look into another area where for 4506-T comes into play. It is the education sector, specifically colleges. The U.S. Department of education selects random students for verification and according to the latest revision; they do not
4506-Transcript form is a way for mortgage lenders to get insurance about the information you provide to them in regards to the previous year’s tax returns. Often the concern is, ‘Will filing the form raise any audit from IRS for previous year’s tax returns?’ Normally
According to the current rules, a mortgage lender cannot approve a loan without verifying a customer’s tax information, received after submitting the form 4506-T. Any discrepancies with the filing can cause a delay for the lender and eventually for the borrower, which is not a