Once received and approved by the IRS for processing, an electronically signed Form 4506-T releases a taxpayer’s previous years’ income tax transcripts from the IRS to an authorized third party.
After a lender or mortgage originator creates a tax transcript request, Veri-Tax facilitates the e-signature process directly with the borrower.
“With Adobe’s high level of support and functionality, we are confident we chose the best partner to successfully provide 4506-T e-sign functionality to the verification market,” said Veri-Tax senior director of product management Maria Kirgan in a press release.
The company said the e-signature solution also reduces signature forgery, lost paperwork and distorted data, problems that a paper-based process can pose when the 4506-T is scanned, uploaded, faxed, or sent though the mail.
“We anticipated releasing our 4506-T electronic signature option even before the IRS announced the e-sign pilot last year,” added Veri-Tax president Michael Chon.