CoreLogic's Credco service now offers e-signature for 4506-T requests on the Encompass360 loan origination platform. The company claims it is the first to offer this capability.
The integration means lenders can request and verify Internal Revenue Service (IRS) transcripts without having to leave the Encompass360 platform. What's more, it means they no longer have to obtain hard-copy signatures from borrowers.
The 4506-T Direct service can be used to identify false or inaccurate tax information, automatically compare borrower-supplied 1040 data with IRS data, and search up to four years of IRS-verified records, CoreLogic says. This will help streamline the origination process by decreasing the amount of time it takes to advance a loan to underwriting.
‘Anyone who plans to sell a loan to one of the government-sponsored enterprises needs to verify a borrower's income with the IRS,’ says Dave Ard, senior vice president for CoreLogic. ‘CoreLogic is always looking for ways to improve the origination experience for both lenders and borrowers. We are proud to be the first to offer 4506-T e-signature capability on the Encompass360 platform – a move that will help many lenders reduce paperwork and achieve greater workflow efficiency.’
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