IRS Postpones Change with Implications for Loan Processing

The Internal Revenue Service's indefinite delay of a deadline for a new authentication procedure has headed off concerns about potential interruptions in mortgage production.

Vendors who assist lenders with tax transcript verifications had feared the Oct. 24 deadline announced in September wouldn't give them time to test the technology and avoid potential procedural issues.

"If you [lenders] had something that came up in production and had to clear it by getting a transcript, it could certainly have [had] an effect," said Curt Knuth, executive vice president of NCS, an information verification services provider based in Egg Harbor City, N.J.