Posted by SvetSFBay on 10/1/06 6:11pm
Msg #149679
OT - Interesting newspaper article..
Hi everybody!I've been lurking around here for months, just wanted to say hello and here's something interesting from today's paper:
http://www.contracostatimes.com/mld/cctimes/classifieds/real_estate/15653973.htm
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Reply by TitleGalCA on 10/1/06 8:54pm
Msg #149693
Good info, SvetSFBay. Thanks, and hello back.
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Reply by Brad_CA on 10/1/06 8:57pm
Msg #149696
Excellent article. Thanks Lana!!!
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Reply by WDMD on 10/2/06 4:09am
Msg #149717
I noticed the article stated that the IRS will now charge $4.50 for each years transcript. I guess the e-mails will be coming out soon about how the NSA will have to lower their fees to pay for this.
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Reply by PAW on 10/2/06 8:38am
Msg #149727
There is and always has been, a fee for the 4506. However, getting the transcript information (using the 4506-T) has been free.
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Reply by WDMD on 10/2/06 9:16am
Msg #149733
"There is and always has been, a fee for the 4506. However, getting the transcript information (using the 4506-T) has been free."
I guess that was the purpose of the article, to inform that the IRS will now charge for transcripts.
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Reply by Poppy on 10/2/06 9:48am
Msg #149736
Thanks Paw... I thought lenders were already charging for
the 4506T, you saved me a little time double checking.... "smiles"
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Reply by PAW on 10/2/06 11:30am
Msg #149760
That's what I got out of it too. But, the 4506/4506-T are only to be used in the loan is being audited and only within the 60 days from signing. I guess lenders are going to be auditing more loans, especially the NO DOC and SISA/SIVA loans. Foreclosures are at all time high in part due to the fact that a lot of people simply cannot afford the home they bought or refinanced.
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Reply by GenB_CA on 10/2/06 12:04pm
Msg #149787
Re: OT - Interesting article... This can be a good thing
I recently had a no sign because the LO had completely fabricated the borrowers income on the 1003 and the borrower was being asked for verification. The borrower had no idea the LO had done this and wanted no part of it.
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