Progress In Lending
Thursday, November 15, 2012

eSignSystems is supporting and is in full compliance with recently published guidelines by the Internal Revenue Service (IRS) allowing electronic signatures on common mortgage origination documents, 4506-T and 4506-EZ. With less than 60 days to go, January 7th, 2013, marks the date that the IRS will begin accepting e-signed 4506-T documents, which will help further the adoption of e-signatures and paperless transactions throughout many financial business sectors. eSignSystems’ SmartSAFE application provides all audit, reporting and record retention required of Income Verification Express Service (IVES) vendors. IVES vendors provide a critical part of the loan underwriting process, including verification of income with the IRS and other services such as quality control and data risk analysis.

“IVES vendors that choose SmartSAFE are provided with the ability to offer their own e-signature solutions, and can accept e-signed 4506-T forms from other vendors,” said Kelly Purcell, Executive Vice President of Wave’s eSignSystems division. “SmartSAFE provides the IVES technology backbone, making it easy to aggregate all 4506-Ts and provides a unified audit and reporting platform.”

eSignSystems played an active role in helping to educate the IRS on the value and acceptance of eSignatures as a participant in the Mortgage Banking Association (MBA) ResTech IRS workgroup. Anticipating the passage of the IRS guidelines, the eSignSystems team has been preparing customers for the seamless addition of the 4506-T document, which will eliminate existing exception processes.