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<div class=”utterz-entry utterli-entry”><div class=”utterz-text utterli-text”>I heard a story yesterday that I could not believe.<br /> <br /><br /> <br />A person was selling a home to a buyer that was getting an FHA, government insured (and regulated) mortgage.<br /> <br /><br /> <br />Everything seemed fine until right before closing, the lender (as they are supposed to do) sent a form to the IRS (IRS 4506) requesting copies of the tax returns that the borrower filed to make sure they were the same as was given to them by the borrower.<br /> <br /><br /> <br />You guessed it. A complete fraud. The mortgage broker now has disappeared off the face of the earth. Are these guys stupid, arrogant or what?<br /> <br /><br /> <br />One small solution is to have brokers not submit tax returns and the lender can get them direct and underwrite from the ones received from the IRS.<br /> <br /><br /> <br />Another way this will clear it self up is that states are implementing a license for each mortgage originator with background checks, fingerprints, etc so the bad boys that were selling option arm loans at 4 points will be gone.<br /> <br /><br /> <br />Unfortunately, they are now selling loan modification, credit report cleaning or short selling which are all unregulated industries. <br /> <br /><br /> <br />Mention that to your MOC too!<br /></div><br /><a target=”_new” href=”http://www.utterli.com/u/utt/u-ODA4OTczNw”>Mobile post</a> sent by <a target=”_new” href=”http://www.utterli.com/FredGlick”>FredGlick</a> using <a target=”_new” href=”http://www.utterli.com”>Utterli</a>. <a target=”_new” href=”http://www.utterli.com/u/utt/u-ODA4OTczNw”><img border=”0″ style=”vertical-align: middle; border: none; padding: 0px;” src=”http://www.utterli.com/u/reply_count/u-ODA4OTczNw” alt=”reply-count” /></a> <a target=”_new” href=”http://www.utterli.com/u/utt/u-ODA4OTczNw”>Replies</a>.</div>

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