In conjunction with the FHA’s acceptance of e-signatures, Veri-Tax automates the vendor validation process
Irvine, CA – April 8, 2014 – Veri-Tax, LLC, the leading provider of verification and ability-to-pay solutions, has patented the 4506-T e-sign vendor validation process. This process was created in response to the IRS’ stringent 4506-T e-sign guidelines that required some e-sign vendors to retool their entire e-sign ceremony to adhere to the new rules. Because the ultimate responsibility of a submitted form’s e-signature validity and authenticity falls on Veri-Tax, Veri-Tax established the e-sign vendor validation process to ensure that electronic signature providers adhere to the IRS’ electronic signature guidelines, and to relieve customers from performing tedious vendor due diligence.
Veri-Tax has currently validated e-sign partners Adobe EchoSign, DocMagic, DocuSign, DocuTech, eLynx, eSignSystems (Wave), IDS Corp, and Signa Docs. This validation allows Veri-Tax customers to continue leveraging their existing e-sign partnerships without making internal changes to meet the IRS electronic signature guidelines. Veri-Tax continues to expand its e-sign vendor network, which will allow additional customers to use their existing e-sign partners to expedite the income verification process and meet the QM/Ability-To-Repay rules.
The timing of the patent comes just weeks after the FHA announced the acceptance of electronic signatures on loan documents, allowing the creation of fully electronic loan packages.
“Veri-Tax patented this process to reduce the compliance efforts of our customers,” said Maria Kirgan, Veri-Tax’s senior director of product management. “Veri-Tax strives to remain flexible and open to quickly adapt to industry changes, especially when it reduces our customers’ operational costs, and more importantly, expedites the income verification process.”
The patent is filed as U.S. Patent Application No. 14/144,326.
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 consumer income, identity, employment, and accounts. Veri-Tax, along with its subsidiary, Verification Bureau, provides 4506-T income verification, Social Security Number verification, verification of employment and verification of financial accounts. The company is based in Irvine, California. For more information, call 1-800-969-5100 or visit www.Veri-Tax.com.