NCS Prepared for IRS Acceptance of Electronic Signature on 4506-T in Confirming Consumer Ability to Pay
National Credit-reporting System, Inc. (NCS), a full-service consumer reporting agency specializing in income, identity and credit intelligence, announced the expected fulfillment of the IRS' commitment towards e-Signature of the 4506-T. The electronic execution method will improve efficiencies for multiple industries, including mortgage finance, credit card and insurance utilizing the company's solutions, such as TRV (R) Services in evaluation of a consumer's ability to pay.
According to an IRS communication this week to participants in its income verification service, beginning January 2013, the IRS looks to allow taxpayers the ability to execute a 4506-T for tax return transcripts using e-signature technology. NCS executives, led by Senior Vice President Cecil Bowman, have presided over direct NCS discussions and multiple financial industry discussions with the IRS to champion electronic signature of 4506-T requests. Bowman, a 35-year veteran of the IRS, is chair of the Mortgage Banker Association's Form 4506-T Workgroup and also directs NCS' advocacy efforts with governmental agencies.
Consumer satisfaction is expected to rise as the 4506-T may now be bundled with disclosures eligible for execution using electronic signature. For conforming mortgages prior to this week's announcement, the 4506-T was the final form in the initial set of consumer disclosures not eligible for electronic signature.
“This is most welcome news and builds on technology the IRS has deployed, such as the IVES program,” stated Bob Knuth, President and CEO of NCS. "We can begin to offer e-Signature options to our clients, through NCS or an e-Signature provider already in use.”
National Credit-reporting System, Inc. (NCS), founded in 1978, is a full-service, consumer-reporting agency specializing in income, identity, and credit intelligence. NCS provides cutting-edge, superior quality, data-driven solutions that enable its clients to meet compliance requirements and minimize risk. In 1994, NCS became the nation's first company to 4506-T solutions nationwide. Visit www.ncstrv.com or call 800.582.7066