e-Sign Adoption: 5% of All 4506-Ts Are e-Signed
IRS statistic continues to grow each month,
while overall 4506-T volume decreased 26% compared to last year.
Currently, of all 4506-Ts submitted to the
IRS, 5% are electronically signed, with the remaining 95% wet signed. Conditions continue to favor e-Signature
adoption within the mortgage industry, such as FHA’s acceptance of e-Signed
forms at the beginning of the year. With
FHA’s approval, HUD eliminated the last hurdle to the “e-Mortgage” gaining wide
spread acceptance.
The CFPB is also aiding e-Sign adoption with
its new consumer protection rule (TILA-RESPA Rule) going live August 1,
2015. Two new forms are slated to replace
the HUD-1, Truth-in-Lending Disclosure (TIL), and Good Faith Estimate
(GFE). Those forms are the “Loan
Estimate” and “Closing Disclosure”. In
addition, the CFPB is requiring that they’re presented to the borrower no later
than three business days from closing.
e-Signature platforms are uniquely positioned to assist lenders in
making that certification to their regulators.
Document management/preparation systems
provide lenders the confidence that they are generating the correct set of documents
for each of their loan programs, tailored to the borrower. An e-Signature platform presents the
documents to the borrower and provides certifications to the lender when the
borrower acknowledges receiving, viewing and executing those documents.
Also noteworthy, the IRS observed a 26%
decrease in 4506-T volume for fiscal year 2014 when compared to the previous
year. Fiscal year 2014’s volume hovered
near 15 million 4506-Ts. The IRS processes
4506-Ts for multiple verticals, including mortgage finance, healthcare, credit
card, insurance and equipment leasing.
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