Verification and ability-to-pay solutions provider Veri-Tax is partnering with six electronic signature providers to help mortgage lenders to quickly verify a borrower's income when applying for a mortgage loan, thus aiding lenders in complying with the Consumer Financial Protection Bureau's new ability-to-repay and qualified mortgage rules going into effect in January.
Adobe EchoSign, DocMagic, DocuSign, DocuTech, eLynx and eSignSystems (Wave) have all been certified to provide electronic signatures on the IRS Form 4506-T when customers request tax transcripts through Veri-Tax, according to a company press release. These certifications allow lenders to continue to leverage their existing e-sign partnerships without needing to make internal changes in order to meet IRS electronic signature guidelines.
‘Veri-Tax proactively sought out these key e-sign partners in the mortgage space to reduce the compliance efforts of Veri-Tax customers,’ says Maria Kirgan, senior director of product management for Veri-Tax. ‘Our ultimate priority at the end of the day is making sure our customers' internal processes do not become a hindrance to meeting new regulatory requirements in the market, which are really the main drivers of our certification process. Because our systems are flexible and open, we can quickly adapt to industry changes.’
Veri-Tax says it plans to continue to expand its e-sign vendor network.