following story is true. The actual names have been changed
for privacy purposes.
Mr. Timothy Schiff applied
for a mortgage at a small mortgage company in his home town.
Mr. Schiff had a limited credit history which made getting a
mortgage loan difficult. Even more difficult was the extended
period of time he had been unemployed. Mr. Schiff's chances of
obtaining an affordable mortgage was slim. Timothy sat back
and thought to himself about how his situation was setting his
back and how he had wished for things to be different. Timothy
was desperate, he had to find a way to get a mortgage or he
could lose a great opportunity and suffer the unbearable embarrassment
of having to explain his grim situation to his new fiancÚ.
Timothy began thinking about the documents the mortgage broker
had asked for to verify his employment and W-2 wage income.
There was not much he could do about his lack of credit but he
felt there was something he could do about his employment
history. Timothy had a personal computer and a software
program called turbo tax which came with his computer. He
entered some information into his computer and within moments
he was printing out W-2 records. He entered the amount he felt
would be most agreeable in his obtaining the loan. After
printing out the W-2 records and photocopying the form a
number of times, he was ready to submit it to the bank in for
wage and employment verification. "I found my W2's!"
Timothy said joyfully as he glad-handed his mortgage broker.
David Jacob, a mortgage broker for two years took Timothy's
W-2 records and placed them into his folder. "It is the
last thing we needed" David said. Timothy was promised an
answer in just a few short days.
David Jacobs felt that
something just wasn't right with the Timothy Schiff file. He
liked Timothy and wanted to close his loan but he knew that
his reputation was at stake. David though a moment. If I
submit this file to the lender and it turns out that Timothy
is pulling fast one, I could get in big trouble, David
thought. If those W-2 records are fake and the lender finds
out, I will never get these great rates they have been giving
me, David thought. If they fund this loan and Tim defaults and
they find out that this guy pulled a fast one, my boss will
fire me and the mortgage company will be forced to buy back
the loan, David thought.
David Jacobs used an income
verification company a few times in the past to verify the tax
documents his applicants have submitted. How do I even know
the tax documents I receive from taxpayers have ever been
submitted to the Internal Revenue Service? With an Income
Verification service that pulls an individual's personal 1040
records, would verify the documents to be true and real David
David submitted a request to
Irstaxrecords.com to verify Mr. Timothy Schiff's W-2 records.
David received the Timothy Schiff records back and found that
the IRS had not received any W-2 information from any employer
for the past three years. It became clear that the W-2 records
in the Timothy Schiff file were not really W-2 records at all.
David called Mr. Timothy Schiff and told him that the IRS had
not received any W-2 records on Timothy Schiff for at least
Since Mr. Timothy Schiff's
income could not be verified, he was denied the loan. David
Jacobs kept his reputation intact and kept his company from
having to buy back the Schiff loan. David Jacobs went on to be
one of the top mortgage brokers in his company and now
utilizes Income Verification services at Irstaxrecords.com as
a precaution on each loan he processes. "It's
great!" he says, "Once the lender sees the
Department of Treasury stamps on my clients income documents
my loans go through like a shot!"