Somehow people bought and sold land in America for hundreds of years before the mortgage world decided they needed a federal police force to do their due diligence for them.
Why isn’t a triple agency credit report enough for you?
Is the 4506 required by federal regulation?
Would you just fold and go out of business if you didn’t have it?
Government does a fine job of bribing supporters.
The people who are easily bought have been with us since the beginning. In the 1700s they turned their neighbors in to the king for their 30 pieces of silver. Today they do the same for other payoffs.
Credit reports have nothing to do income verification.
W2’s; paystubs can easily be created in Photoshop.
Government regulations DEMAND this type of verification is done.
Don’t blame lenders for doing what they are required to do.
The regulation is a pain the ass for all of on the lending side.
If you get a loan as a customer; you just have to complain about on your loan and be done with it. Every loan I deal with I have to deal with this stuff, not fun at times.
And yes we can’t make a loan without this. It’s actually one thing however that makes some sense; as it will stop some loan fraud.
The lenders aren’t cheering to do however; as it adds costs and time and complexity to the process.
correct