CoreLogic® announced the addition of a new Tax Transcripts solution to its AutomatIQ® Borrower platform, providing mortgage professionals and their clients with efficient, rapid and reliable tax transcripts retrieval options. This enhancement consolidates three offerings into a single solution, allowing lenders to select the most suitable options based on their specific needs and the complexity of the loan. The options include the traditional 4506-C Direct, 4506-C Borrower Assisted form for near-instant transcripts, and the cost-effective Form 8821, ideal for loans with multiple borrowers.
On October 1, 2024, the IRS doubled the Income Verification Express Service (IVES) fees for requests for the 4506-C Direct; however, CoreLogic has made the more cost-effective 4506-C Borrower Assisted and Form 8821 easily accessible in AutomatIQ Borrower. By moving to use these solutions jointly, lenders can have options to save money and have more accurate applications – nearly 15 percent of all applications are currently rejected by the IRS for simple mistakes, like incorrect addresses, names or social security numbers.
AutomatIQ Borrower protects borrowers’ sensitive data during the income verification process, helping prevent mortgage fraud and increasing borrowers’ confidence in the safety of their information.
“Embracing the latest security technology for verification is crucial for industry professionals as borrowers expect a more digital, secure and transparent application process,” said Praveen Chandramohan, CoreLogic senior vice president, origination growth solutions.
