This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Equifax Selected By Internal Revenue Service As One Of First ETranscript Pilot Vendors

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".

(Logo: )

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.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.27 -0.76%
FB $101.00 1.47%
GOOG $684.12 0.89%
TSLA $143.67 -3.09%
YHOO $27.10 1.04%


Chart of I:DJI
DOW 15,914.74 -99.64 -0.62%
S&P 500 1,851.86 -0.35 -0.02%
NASDAQ 4,283.5920 +14.8290 0.35%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs