*Here We Go Again*
**By Tony Garritano**
***I’m at it again. You may be bored of this subject, but I’m certainly not. I have more electronic signatures updates for you. I believe in this technology. In this case, DocMagic, Inc. has integrated with Veri-Tax, a provider of verification and ability-to-pay solutions. Together, DocMagic and Veri-Tax have created an automated ordering mechanism for retrieving tax transcripts from the IRS, which is triggered when a borrower successfully e-signs 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 e-signed by the borrower, DocMagic’s automated solution instantly forwards the e-signed 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 a 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.
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at firstname.lastname@example.org.