Equifax Selected by Internal Revenue Service as One of First eTranscript Pilot
CHICAGO, Oct. 22, 2012
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: http://photos.prnewswire.com/prnh/20060224/CLF037LOGO )
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
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.
Headquartered in Atlanta, Equifax operates or has investments in 18 countries
and is a member of Standard & Poor's (S&P) 500® Index. Its common stock is
traded on the New York Stock Exchange (NYSE) under the symbol EFX. For more
information, please visit www.equifax.com.
Contact: Daryl S. Toor, +1-404-885-8858, firstname.lastname@example.org
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