DocMagic and Veri-Tax Deploy Automated IRS Tax Transcript Retrieval Tool for Lenders
DocMagic, Inc., the leading provider of fully-compliant loan document preparation, compliance and eDelivery solutions for the mortgage industry, announced a new integration with Veri-Tax, the industry’s leading provider of verification and ability-to-pay solutions. Together, DocMagic and Veri-Tax have created the first automated ordering mechanism for retrieving tax transcripts from the IRS, which is triggered when a borrower successfully eSigns the 4506-T form via DocMagic’s eSign platform.
“Through this integration, DocMagic has created a highly efficient, completely automated, no-touch ordering mechanism for ordering and delivering IRS tax transcripts, a mortgage loan underwriting requirement,” said Dominic Iannitti, CEO of DocMagic. “By combining a number of our automated technology solutions, we have created a streamlined approach that improves lenders’ efficiencies while keeping them in compliance.”
DocMagic’s automated solution is utilized when a 4506-T form is embedded in an initial disclosure package, included in another document package, or ordered individually by the lender. Once the entire package is eSigned by the borrower, DocMagic’s automated solution instantly forwards the eSigned 4506-T, with the document-level audit log, to Veri-Tax to process the tax transcript request. The completed transcripts are delivered directly to the lender’s designated location without ever having to log into an ordering portal or third-party platform.
"DocMagic’s integration is the easiest and fastest way for lenders to request a borrower’s signature on the 4506-T and to automatically receive tax transcripts," said Maria Kirgan, Veri-Tax's senior director of product management. "Our goal is to make our products accessible and easy to use through key partner integrations. We are thrilled to offer this new integrated solution to our customers, saving them time and streamlining their process.”
Veri-Tax, LLC, Irvine, Calif., is the leading provider of verification and ability-to-pay solutions used by lenders to meet the upcoming ability-to-repay rules established by the Consumer Financial Protection Bureau. Scheduled to go into effect in January 2014, the new rules will require lenders to show their borrowers have the means to pay back loans.
About Veri-Tax, LLC
Founded in 1998, Veri-Tax, LLC provides a full array of verification and ability-to-pay solutions to the mortgage, lending and consumer credit industries, helping financial institutions more quickly and securely verify borrower income and identity. Veri-Tax, along with its subsidiary, Verification Bureau, provide income verification, verification of accounts, identity (SSN) verification, flood zone determination reports, mortgage fraud reports and employment verification services. The company is based in Irvine, California. For more information, call 1-800-969-5100 or visit www.Veri-Tax.com.
DocMagic, Inc. is a leading provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions for the mortgage industry. Founded in 1988 and headquartered in Torrance, Calif., DocMagic, Inc. develops software, mobile apps, processes and web-based systems for the production and delivery of compliant loan document packages. DocMagic guarantees and warrants that all agency forms are up to date and in compliance with GSE requirements. The company's compliance experts and in-house legal staff constantly monitor legal and regulatory changes at both the federal and state levels to ensure accuracy. For more information on DocMagic, visit www.docmagic.com.