NCS Inc., a risk analysis leader retailing its TRV branded services through 150 plus credit reporting agencies throughout the United States, announced that the effective period of the IRS authorization forms used to retrieve the information that populates its TRV (R) Services had doubled, from a 60 day window to 120 days. The IRS forms 4506-T and 4506T-EZ are both used to retrieve income and TIN (Taxpayer Identification Number) verification from the IRS, most often in connection with a transaction through a benefit provider, such as a mortgage lender.
“NCS has lobbied the IRS for this change for a very, very long time. We’re happy to see the IRS respond to our efforts along with the push of trade associations and many industry participants towards this common goal”
This change in IRS policy is in response to the problematic and limited 60-day window the IRS provided lenders to use a 4506-T or 4506T-EZ to verify taxpayer income. Often times, lenders required the consumer to sign and date the forms multiple times, usually at origination, closing and in a growing trend, during servicing.
“This procedure change will lessen the paperwork the IRS, borrowers and lenders are required to handle and process,” said NCS Senior Vice President of Government/Industry and former IRS Senior Manager Cecil Bowman.
“NCS has lobbied the IRS for this change for a very, very long time. We’re happy to see the IRS respond to our efforts along with the push of trade associations and many industry participants towards this common goal,” said Bob Knuth, president and CEO of NCS.
For more information, visit www.ncstrv.com.
