Don't Miss That 4506 Form Checkbox

The checkbox is a recent addition to the 4506 Tax Form.  It appeared without warning.  And the lender's head will explode if you miss having it checked (if lender's had heads).  It's right above the signature line:

Signature of taxpayer(s).

I declare that I am either the taxpayer whose name is shown on line 1a or 2a, or a person authorized to obtain the tax return requested. If the request applies to a joint return, at least one spouse must sign. If signed by a corporate officer, 1 percent or more shareholder, partner, managing member, guardian, tax matters partner, executor, receiver, administrator, trustee, or party other than the taxpayer, I certify that I have the authority to execute Form 4506 on behalf of the taxpayer.  Note: For tax returns being sent to a third party, this form must be received within 120 days of the signature date.

--> X <--  Signatory attests that he/she has read the attestation clause and upon so reading declares that he/she has the authority to sign the Form 4506.

Sign Here >  _________________________________________________________________

Who Gets A Copy Of The Closing Disclosure?

Although the new TILA-RESPA Integrated Disclosure (TRID) rules started last year, it seems title companies are just recently having issues with who gets a copy of the Closing Disclosure (CD) and ALTA forms in a buyer/seller transaction.  Though TRID doesn't make any changes to the privacy rules that apply to real estate transactions, the CD provides detailed loan information that wasn't found on the old HUD-1 Settlement Statements.  Parties involved in these transactions are under increasingly strict interpretation of The Gramm-Leach-Bliley Act regarding the Privacy of Consumer Financial Information.  As a contract closer that represents various title companies at the signing, I've seen title companies handle copies in many different ways.  However, I believe most companies have now settled in on a standard that seems to make the most sense. 

Buyer - copy of their CD and their ALTA form

Buyer's Realtor - copy of the buyer's ATLA form only

Seller - copy of their ATLA form only

Seller's Realtor - copy of seller's ALTA form only

Buyer's Title Company - original buyer's CD and buyer's ALTA form, copy of seller's ALTA form

Seller's Title Company - original of the seller's ALTA form and copy of the buyer's ALTA form

So the buyer sees all their numbers and terms, the seller sees their numbers, the agents only see the numbers for the client they represent, and the title companies see the numbers pertinent to the transaction.  Note that buyer and seller can share their forms if they choose. 

TILA-RESPA Integrated Disclosure rule implementation

Gramm-Leach-Bliley Act

Finally, a much needed facelift for detroitsigningagent.com / detroitnotary.com.  A cleaner look, updated profile information, and an updated notary resource page.  Next up, I'll be adding some Detroit area photos to the site, thanks to Anthrophotology.