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When applying for a mortgage , your lender may ask you to sign and submit a Form 4506. It is a form we get directly from the IRS which some mortgage lenders may require you to complete as part of your loan application.

What is a 4506 used for?

Form 4506 T, as it is most often requested, is also called a Request for Transcript of Tax Return. This document allows for a copy of your tax return to be obtained from the IRS directly. A mortgage lender may request this to verify your income documentation that you have provided as part of your loan application.

There are a few things to know about it.

1. This form may be necessary if you are a self-employed borrower and the lender wishes to see official documentation of your most recent earnings from the IRS.
2. This form is also used to detect fraud in cases where there is an apparent discrepancy. If there is some reason the lender does not believe your reported income is accurate, they may take steps to verify it through this manner.
3. Many mortgage companies also use this tool randomly within their business. For example, during the course of the day the lender may request a certain number of these documents. This is often for a quality control measure and those who receive the request are selected randomly.

4506 as part of the loan process

The fact that your lender has asked for a signed 4506 doesn’t necessarily mean they suspect fraud or have identified an issue with your loan.  It may simply be part of their regular process.

During any loan application, it is necessary for mortgage lenders to verify the information you provide to them.  So as a rule, when filling out documents to obtain a loan, always provide the most accurate information. Ensure that all statements you make are accurate and verifiable to avoid any problems with this step or other verification steps the lender will take.

NOLA Covington

This February, the team at NOLA Lending in Covington was featured in Northshore Living Magazine.  The article provides an in-depth look at our team in the Covington office and some of the services we provide for our clients.

The article also provides several tips for home owners who have not yet taken advantage of today’s historically low interest rates:

•        Shorten the term of your mortgage from 30 years to 20 to save long-term interest and gain equity in your home more quickly.

•        Reduce the amount of your payments to free up money in your monthly budget.

•        Get rid of a second mortgage, ARM or balloon payment.

Local Service You Can Trust

Everyone knows that buying a home is the biggest investment most people will ever make, and that is why our team of professionals works so hard to provide each customer with the best possible service and rates they will find.

That is why our Managing Partner Stephanie Weeks says: “I attribute our success to the ongoing relationships we have with Realtors and personal referrals from our satisfied customers. We keep our clients informed throughout the loan process with regular updates and control all aspects of the loan process at our home office—processing, underwriting and closing—it’s all done locally. We even attend our closings to make sure everything goes smoothly.”

>> Download the complete article here

Hello everyone and welcome to StephanieWeeks.com and the website for the Covington, Louisiana branch of NOLA Lending.  We’re glad you visited our new site and invite you to bookmark us and check back often, as we have a great lineup of informative content scheduled to add to our blog this year.  Please leave us a comment with your feedback on the site and if there is anything we can do to help you please let us know!