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When bank refinance do they verify tax returns with IRS?

Because I did the refinance...
When bank refinance do they verify tax returns with IRS? Because I did the refinance and bank didn’t ask me for transcript signature, or
Can they do it without my authorization ?
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Answered in 12 minutes by:
10/24/2017
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Tax
Satisfied Customers: 2,620
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
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Hello Alicia,

Generally, to prove income the bank will request two months of bank statements, recent pay stubs and possibly tax returns for self employed applicants or applicants who's income fluctuates due to overtime or commission.

I wouldn't be surprised if the underwriting department of the bank requested, before closing that you sign form 4506 to request a transcript from the IRS, but requesting a tax transcript isn't necessarily mandatory for a refinance. Each bank may determine and underwrite loans based on the banks lending guidelines.

.

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I​f you have steady income, good credit score, low debt to income combined with a low loan to value of your home then it is very possible that the bank wouldn't request a tax transcript. The IRS would not give out a tax transcript unless the proper forms were signed by the client.

Please let me know if you have any further questions about the loan process.

Thank you!

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Customer reply replied 8 months ago
I have everything except good credit, house equity is more than half of price

The exact guidelines are up to the bank, but the bank does not necessarily need a tax transcript to make a loan decision. Especially if you have stable income and have been employed in the same line of business for over two years. Generally, the bank will only request what is needed to document your file and tax transcripts aren't always needed.

Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Tax
Satisfied Customers: 2,620
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