C- 001 Transcripts Requirement for Income Verification
NOTICE TO CORRESPONDENT CUSTOMERS
IRS Form 4506-C to Validate Borrower Income Documentation Reminder
FLCBank reminds its Correspondent Customers of the requirement to have each borrower whose income (regardless of income source) is used to qualify for the loan to complete and sign a separate IRS Form 4506-C at or before closing.
Occasionally, it may be necessary to have the borrower complete and sign multiple IRS Form 4506-Cs depending on the transcripts required to validate the income. In addition, the Agencies require lenders to verify the accuracy and integrity of the information used to support the lending decision for any mortgage loans selected for a Quality Control review…