CoreLogic Credco First to Provide 4506-T E-Signatures for Encompass360

CoreLogic Credco is the first to offer an electronic signature function for 4506-T income verification on Ellie Mae’s widely used Encompass360 loan origination system.

The 4506-T Direct product includes IRS transcripts that identify false or inaccurate tax information and automates a comparison of borrower-supplied 1040 data with IRS data. It also searches up to four years of IRS-verified records.

There have been delays in processing income verification through the 4506-T form recently due to the government shutdown, but it appears lenders and originators are coping with this by having borrowers sign the authorization for the tax information check, but allowing for a delay in processing until the shutdown ends and the IRS can resume this function.