Posted by Ernest_CT on 2/25/05 1:26am
Msg #22352

Both 4506 AND 4506-T?

This evening I had a signing which included both a 4506 (request for COPY of tax return) and a 4506-T (request for TRANSCRIPT of tax return) for the same borrower. Both forms were signed and returned, of course. Why would both a copy and a transcript be needed? Or is it a belt-and-suspenders kind of thing?

Reply by CaliNotary on 2/25/05 1:37am
Msg #22354

I get those all the time. I just assume it's because they're just covering their bases in case they need either one.

Ultimately I don't care why. Whatever they send to me, I get signed and send back. I've seen too much stuff that makes no logical sense to me so I've stopped trying to figure it out.

Reply by Ernest_CT on 2/25/05 1:39am
Msg #22356

Thanks! I've given up trying to be a mindreader. Too many "Nobody's home" readings....

Reply by ERNA_CA on 2/25/05 1:39am
Msg #22357

Newest one beiing "Along Note" have you had that one yet?

Reply by PAW_Fl on 2/25/05 7:05am
Msg #22377

"Along" Note?

As opposed to a "Ashort" Note? Don't you mean an Allonge?

Reply by BrendaTX on 2/25/05 11:41am
Msg #22435

My guess is they anticipate selling the loan and do not know the requirement of the buyer, or they do both so the post-funding auditor (didn't BobbiCT mention this maybe or did I dream this??) has his choice of poison.

Reply by anonymous on 2/25/05 11:43am
Msg #22437

the lender uses the 4506-T because it is a loop hole to not pay the $ for the whole copy.

Reply by Ernest_CT on 2/25/05 2:38pm
Msg #22480

Thanks!

Not paying money makes sense. But why would the lender want BOTh the 4506 AND the 4506-T?

Reply by Ernest_CT on 2/25/05 1:17pm
Msg #22461

Hold on, Brenda, inter alia, and I'll search again. n/m

Reply by Ernest_CT on 2/25/05 2:16pm
Msg #22472

(Whew!) Here's what Brenda may have remembered.

Bobbi's post number 21445 is, as usual, insightful. She talks about why a 4506 (or 4506-T) might be used and when.

Paul's post number 9378 gives a great privacy article link.

If Bobbi, Brenda, Paul, CaliNotary, HisHughness (and a few of the other mavens who help us here) ever got together and wrote a book it'd be the best thing since sliced bread. (To quote George Carlin, "What was the best thing before sliced bread?").

Reply by ERNA_CA on 2/25/05 1:38am
Msg #22355

Every signing i have had lately includes bouth.

Reply by Ernest_CT on 2/25/05 1:40am
Msg #22358

Thanks! At least it's not just me. Oops! Sorry, YourHughness! I mean "At least it is not only I."

Reply by PAW_Fl on 2/25/05 7:03am
Msg #22376

You kind of answered your own question. They actually serve two different, but similar, purposes. The 4506 is only for a copy of the submitted 1040, where a 4506-T is a transcript of the tax submission. Different formats of basically the same information.

Reply by Ernest_CT on 2/25/05 11:09am
Msg #22422

Umm, that's why I was asking here, Paul.

I figured that they were for the same information in different formats, that's why I was/am confused. (Lady Rouge says I'm permanently confused, but that's a hat of a different color. [Sandi is the light of my life, and a Red Hat Society member. "Lady Rouge" is her nom de chapeau rouge.])

Reply by Claudia - NJ on 2/25/05 4:13pm
Msg #22501

Re: Umm, that's why I was asking here, Paul.

HA! Vous Parlez Francais.....

Reply by Ernest_CT on 2/26/05 1:49am
Msg #22596

Moi? Non!

All I remember is from 100 years ago, while I was in school, when a forgeign language was a requirement to be considered a civilized person. These days, not even English is taught. (Yes, yes, I know. English IS a foreign language.)