Doc prep and compliance vendor DocuTech has partnered with Veri-Tax, a supplier of verification and ability-to-pay solutions, to automate the 4506-T IRS verification process in DocuTech’s flagship software, ConformX. This integration will enable ConformX users to submit tax transcript requests through Veri-Tax within the ConformX document software for simple 4506-T fulfillment.
“Compliance burdens in the industry place a great emphasis on a lender’s need for seamless partner integrations that can satisfy all requirements of the disclosure process,” said Scott K. Stucky, chief operating officer of DocuTech. “DocuTech’s partnership with Veri-Tax will automatically deliver tax transcripts to the customer in a designated secure folder, simplifying the disclosure process and guaranteeing compliance.”
The integrated service allows shared customers to easily satisfy IRS requirements by automating the verification process and enabling lenders to place and retrieve tax transcript orders within ConformX, where borrower information is already stored. It also enables lenders to leverage existing partnerships without implementing transformational changes and to comply with the Ability-to-Pay regulation recently finalized by the Consumer Financial Protection Bureau (CFPB).
“New compliance rules involving the IRS and CFPB present a significant challenge to lenders, which is why this integration with DocuTech makes so much sense,” said Maria Kirgan, Veri-Tax senior director of product management. “The combination of automated verifications and electronic documentation will greatly streamline the compliance process while improving loan quality and saving time for everyone—especially the consumer.”
DocuTech’s flagship software, ConformX, provides customizable solutions that assist lenders with the importation of information from a loan origination system into compliant documents. DocuTech anticipates integrating additional Veri-Tax verification services such as form SSA-89 processing, verifications of employment and verification of accounts in 2014, as well as offering additional integrations to auxiliary verification providers.