IRS 4506-T ELECTRONIC SIGNATURES BEGIN ON LAST HOLDOUT MORTGAGE ORIGINATION DOCUMENT TO VERIFY INCOME OF BORROWERS

On Jan. 2, President Obama used an autopen to sign the fiscal cliff bill, while vacationing in Hawaii. This may be a sign as to the trend for the 2013 mortgage market: electronic.

Five days after President Obama signed the bill, the Internal Revenue Service will begin accepting electronic signatures on the common mortgage origination document, Form 4506-T.

The tax return transcript is a requirement for the majority of all mortgage originations and loan modifications. Lenders use the form to verify the income of borrowers.

4506-T forms were the last remaining documents in the loan origination process that required a handwritten paper signature.

Rest here…

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