The Internal Revenue Service (IRS) selected Atlanta-based Equifax 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 is a significant improvement over the collection of both manually signed 45o6-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 the 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...