CHICAGO, Oct. 22, 2012 /PRNewswire/ -- Equifax announced today from the 2012 Mortgage Bankers Association Annual Convention and Expo its selection by the Internal Revenue Service (IRS) as one of an exclusive group of vendors to participate in the IRS' new eTranscript pilot program, "Send My Transcript".
In residential mortgage lending, the IRS Form 4506-T is a critical requirement for originating or modifying loans under the new Fannie Mae Loan Quality Initiative (LQI), as tax transcripts are required to validate income. Historically, the process for requesting and obtaining tax transcripts has been highly manual (typically a minimum 48-hour turnaround) and often results in long timelines and lost documents that delay or prohibit loan closing. The IRS' "Send My Transcript" online application service represents a significant improvement over the collection of both manually signed 4506-T forms and even e-signed 4506-T forms, as it enables a borrower to directly order a transcript online from the IRS' website and have it instantly delivered to his or her lender.
Equifax was selected as a pilot vendor because of its long-standing relationship with the IRS and proven history of driving automation in tax transcript delivery. Equifax' participation in the pilot program will enable its lender customers to gain greater efficiencies in managing their loan origination and loan modification pipelines."In today's mortgage lending environment – particularly as it relates to loan modifications – rapid delivery and accuracy of borrower data are of the essence," said Jeff Knott, Product Management, Equifax Verification Services. "Traditional processing of IRS tax transcripts is one of the few remaining hurdles to the industry achieving a truly paperless mortgage. With 'Send My Transcript,' the IRS is working with industry leaders to take a proactive approach to solving this problem. As a pilot vendor, Equifax is helping the IRS refine the solution and will be on the forefront of introducing this important technology to the market." About Equifax, Inc. Equifax is a global leader in consumer and commercial information solutions, providing businesses of all sizes and consumers with information they can trust. We organize and assimilate data on more than 500 million consumers and 81 million businesses worldwide, and use advanced analytics and proprietary technology to create and deliver customized insights that enrich both the performance of businesses and the lives of consumers.