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Keep Copy of Tax Return for Mortgage Loan App?

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

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 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 4/30/12

First published on 04/30/2012

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