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
4506T Form provides a complete record of a business’ financial history and present condition. For example, Form 1120-S contains a brief overview of a corporation’s income, profits and losses. There are income verification companies, such as Private Eyes that retrieve a tax transcript directly form
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
A credit agent must decide to lend based on many different data points. What is one of the biggest problems in the world of credit decision making? Not the least of which is tax lien data. However, there is good reason to believe that tax
Commercial lenders face the challenge of detecting tax fraud from businesses that apply for loans. Throughout history, many businesses have used illegal means to conceal the health of their business, and this not only costs the lenders but it also negatively affects the nation’s economy.The
Customers are looking for loans from sellers who appear more approachable. You risk losing customers if you insist more on selling the product and ignore your customer’s feelings. Here are some tips towards achieving meaningful relationships with your prospects.Understand the Customer’s NeedsYou should be familiar
When dealing with a single-member limited liability company (LLC), most lenders have questions about the entity’s tax consequences.Since a single-member LLC has one individual responsible for it, the concern is often justified due to being tied to the owner’s personal financial activity. Thankfully, understanding how
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