DocuTech Corp., a provider of compliance and documentation technology, has partnered with Veri-Tax, a supplier of verification and ability-to-pay solutions, to automate the 4506-T Internal Revenue Service (IRS) verification process in DocuTech's ConformX.
According to DocuTech, the integrated service allows shared customers to meet 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.
The ConformX product assists lenders with the importation of information from a loan origination system into compliant documents, according to DocuTech. The company also anticipates integrating additional Veri-Tax verification services such as form SSA-89 processing, verifications of employment and verification of accounts, as well as offering additional integrations to auxiliary verification providers.
DocuTech says the integration 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.