Mortgage technology provider SharperLending LLC has updated its settlement services technology platform to enable the secure acceptance of a borrower’s authorization signature electronically for tax form 4506-T. SharperLending has partnered with Communication Intelligence Corporation (CIC) (OTCQB:CICI) – a leading supplier of electronic signature solutions and the recognized leader in biometric signature verification – to enable this new feature.
With the Internal Revenue Service now accepting a borrower’s authorization to order form 4506-T electronically instead of the traditional “wet ink” method of having a borrower manually sign the form, mortgage technology providers like SharperLending can help improve lending workflows by automating the signature capturing process.
Form 4506-T is the form required by the IRS that authorizes the ordering of Tax Return Verification documents for the purposes of verifying a borrower’s income for a mortgage loan. Form 4506-T also includes the ordering information the lender is requesting: the form names and the years that the mortgage lender needs from the IRS.
“We are excited to partner with CIC to offer an electronic signature solution to our resellers and their lender clients,” says Dave Black, President and CEO of SharperLending LLC. “The most important part of this process is equal parts efficiency, security, and ID validation. SharperLending specializes in providing users with transaction flows that include top-notch data security and ID validation while ensuring lender efficiency because of our extensive background in consumer credit reporting and mortgage technology. The IRS’s acceptance of a consumer’s 4506-T form electronically is one of the last pieces of the efficiency puzzle for the 4506-T process - and from a larger perspective for the closing of a mortgage loan electronically.”“For nearly two years CIC worked with the MBA’s ResTech workgroup and the IRS to develop a solid electronic signature framework that would be acceptable by the IRS in view of both federal and state regulations,” stated Christian Wright, CIC’s Director, Loan Origination and Mortgage Solutions. “Mortgage technology and data providing companies like SharperLending fit perfectly into this IRS-approved framework which will also help to reduce Form 4506-T rejections for SharperLending resellers and their lender clients.”