Why Do Most Mortgage Lenders Want A 4506T?

SELF EMPLOYED MORTGAGE LENDERS QUESTIONS AND ANSWERSCategory: Bank StatementsWhy Do Most Mortgage Lenders Want A 4506T?
shaamrock Staff asked 1 year ago

Form 4506T is an Internal Revenue Service (IRS) document that is used to retrieve a mortgage applicants past tax transcripts that are on file with the IRS. The document must be signed and dated by the taxpayer, thus giving a third party permission to retrieve the taxpayer’s tax filing data.

Most lenders want these documents filled out the verify a borrower is not coming fraud and document the borrower has not altered the tax returns provided to the lender for mortgage approval.

The Internal Revenue Service will not release a mortgage applicants tax information to a lender without your consent. The form 4506-T is the form used by mortgage lenders and sent to the IRS to request a transcript of your tax return whether you are asking for the IRS to send the transcript to you or a third party. A transcript is not the same thing as a copy of your return; a transcript includes virtually every line item you entered on the return or attached schedules, and it may include information about any payments or penalties on your IRS account.


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