Maryland Blogger

IRS Mortgage Applicant Program Lacks Security Protections

IRS Mortgage Applicant Program Lacks Security Protections

 

"Federal auditors say the popular “tax transcript” program run by the Internal Revenue Service and used by millions of mortgage applicants a year lacks adequate security protections against disclosures of tax-return details to people who shouldn’t be allowed to obtain them." - Kenneth R. Harney

"Mortgage borrowers routinely fill out an IRS Form 4506-T, which grants permission for third-party vendors to access their tax records and send them to banks and mortgage companies. Lenders use the service to verify applicants’ income. A key security issue in the mortgage-related portion of the program is whether the third-party “requester” of a transcript has been properly vetted by the IRS and found eligible to receive transcripts." - The Washington Post 

Mortgage applicants need to take great care when completing the IRS Form 4506-T. Line five which contains the name of the third party that will obtain the transcripts should never be left blank. 

 

Click here to view the full article by Kenneth R. Harney in The Washington Post.

 

Dianthus, Kentlands Photowalk, Gaithersburg, MD

Photograph by Roy Kelley

Roy and Dolores Kelley Photographs

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Roy and Dolores Kelley Photographs

Roy Kelley and Associates

 

Roy Kelley, Associate Broker

Realty Group Referrals (Retired from RE/MAX Realty Group)

6 Montgomery Village Ave., Suite 200

Gaithersburg, MD 20879

Main Office:  301-258-7757 (You will not reach me at this number)

Send an email message if you need my phone numbers. I will be happy to recommend a real estate professional if you are moving to the area.

Comment balloon 5 commentsRoy Kelley • April 07 2018 01:29PM
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