[William S]

...regarding a 4506-T and obtaining a Mortgage? My lender contacted me in the 11th hour to ask for information on a 4506-T, it was the day before closing, we already have a commitment letter, yet I was told that this would be required.I have provided all of my W2's and pay stubs.

[johnbhc]

Hi - The law: Section 1411 of the newly passed HR 4173 (Wall Street Reform Bill) mandates that all mortgage applications pull a third party income verification for the borrower. Nobody knows yet when the bill will be enacted, but the federal agencies like Fannie Mae and Freddie Mac are already requiring it in preparation. You can obtain the 4506T for free from the IRS but their turnaround time can be upwards of 60 days. I did a re-fi recently and used a third party called Veri-Tax that cost me about $15 bucks but they got it back to me same day. I think you're the same guy I answered this to on Yahoo Answers - but hope one of these gets to you and it helps. Take care and good luck!