CHICAGO (10/24/12)--Equifax has been selected by the Internal Revenue Service (IRS) to participate in the IRS' new eTranscript pilot program, "Send My Transcript."
In residential mortgage lending, the IRS Form 4506-T is required to originate or modify loans under the new Fannie Mae Loan Quality Initiative, with tax transcripts required to validate income. Historically, the process for requesting and obtaining tax transcripts has been manual--typically with a minimum 48-hour turnaround--and often results in long timelines and lost documents that delay or prohibit loan closing, said Equifax.
Through the IRS' "Send My Transcript" online application service borrowers, can order a transcript online from the IRS' website and have it instantly delivered to their lender.
Equifax was selected as a pilot vendor because of its long-standing relationship with the IRS and history of driving automation in tax transcript delivery.