Skip to content

Keep Copy of Tax Return for Mortgage Loan App?

Question: 
When a customer applies for a mortgage loan, is it necessary for us to keep a copy of their entire Tax Return?
Answer: 

Answer by David Dickinson: From a compliance standpoint, you need to keep evidence of the income used in the analysis, but that wouldn't necessarily be the tax return or certainly the entire tax return. From a Safety and Soundness standpoint, there may be many reasons to keep subordinate tax return pages.

Answer: 

Answer by Randy Carey: From a legal perspective you might want to keep the whole thing. If the tax return is forged, it may assist in any loan fraud prosecution.

First published on BankersOnline.com 4/30/12

First published on 04/30/2012

Filed under: 
Filed under compliance as: 
Filed under lending as: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics