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Sign IRS Forms Every Time You Seek A Loan?

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Do you need to sign the IRS forms every time you seek a home loan?

If you are working with a mortgage broker or a real estate agent towards refinancing or buying a home, you should let them know well in advance if you do not wish to sign the IRS form at the closing.

There are lenders that do require that the borrower sign the forms authorizing them to contact the United States Internal Revenue Service for purposes of verifying data on federal tax returns. These forms are #4506 or #9501 as currently used by institutional lenders.

The more home loan sources you are seeking, the greater the chances are that such forms could be used by lenders to verify your private tax information.

Most borrowers may not envision the repercussions of having the many requests faxed to the IRS by lenders and investors. Some borrowers do have qualms about the undesired possibility of raising a flag to the IRS which might be seen as an invitation to have your tax file audited or queried by the IRS.

There are also many lenders and selected lending sources who do not require you to sign the IRS forms as their investors do not need such forms for approving your home loan. If you do not wish to have the lender contact the IRS, all you need to do is to ask for the lender to waive the signing of such forms or to offer a program that does not require such signing.

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