NCS and industry leaders encourage IRS to improve 4506-T/4506T-EZ’s ease of use – NMP Skip to main content

NCS and industry leaders encourage IRS to improve 4506-T/4506T-EZ’s ease of use

Dec 30, 2009

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. 
About the author
Published
Dec 30, 2009
California Approves $25B Homebuyer Loan Program, Targeting New Construction

Proposition 37 could open new purchase lending opportunities, but financing costs and borrower qualification will determine its reach

When AI Takes Action: New Federal Framework Raises Questions

New federal banking guidance examines the risks of autonomous AI, from borrower communications to servicing transactions, with a focus on human oversight and accountability

States Tighten Mortgage Rules For Home Equity Investments

Massachusetts, Maine, and Illinois are expanding oversight of home equity financing

West Capital LO Challenges Contractor Status, Required Fees

A former originator alleges unpaid overtime, recurring tech charges, and company restrictions that he says undermine his independent-contractor status

CFPB Closes 40% Of Investigations, Keeps Mortgage Enforcement In Focus

The federal watchdog closed thousands of supervisory and investigative matters as it narrowed oversight

Midterms Loom With Mortgage Policy Changes Already In Motion

As voters head to the polls Tuesday, Washington is weighing changes to refinancing costs, loan pricing, and lending regulations