Mortgage Letter for Client

[luke]

Natiro

Thanks for the link - I too have gotten several of these requests!
Lenders are blaming increased Federal scrutiny of loans etc
AND it always seems like its at the last minute - "we need this today" etc!

[Burke]

Great info and I will keep this around for reference. Interestingly, I just got an "audit" letter from one of these govt institutions, who sent me photocopies of the past 2 years' 1040's which I prepared for the client asking me to verify them. What? This loan was issued, approved, and has been in effect since Feb, 2011. My signature name and address, PIN#, etc is on each return, (for which I e-filed the second year). I can maybe understand the paper return (which could be falsified, I guess) but the later one? And the IRS has the transcripts on record which they also had to access to approve the loan. More bureaurcacy?

[S T]

More on Loan letters

Different twist - which I do not think I have a problem with - but would like the input from all.

T/p is trying to accomplish a loan modification or a refinance-

What the Mortage Company is requesting is

Please have your CPA fax a letter (on their letterhead) stating how long you have been self employed & how long they have been doing your taxes

Does any one see a issue with this ---other than the lenders - stll don't get the "CPA" designation -----

T/P and myself have reviewed records that would be "close" - maybe not totally accurate - but back to "1983" that is like almost 30 years!

Ugh!

Thanks for your input

Sandy

[geekgirldany]

I usually just put how long I have been doing their tax returns. I am not sure on the self employed part. I don't believe I would have any problems putting that as long as I rate looked at the previous years tax returns, which you have.

[gboykin]

When I do these letters, I will simply state that I prepared the returns for the client based on figures obtained from client. How long I have prepared the returns, and since it is on schedule C, the client is considered self employed.

I then put a disclaimer that I nor my firm can not be held accountable for any decisions the mortgage or finance company makes in relation to securing a loan based on the information that I have provided.

They will not hold me over a barrel if the client doesn't make good on the loan.