January 7, 2013 -
Biometric signature verification solutions provider Communication Intelligence Corporation (CIC) has announced that it fully supports the Internal Revenue Service’s (IRS) recently-approved electronic signature requirements aimed at expediting tax returns.
The IRS began accepting electronically-signed 4506-T documents in January of this year. The T-4506 is one of the last remaining documents in the loan process that required a traditional ink signature and is often used to evaluate creditworthiness for mortgage loans. This new requirement from the IRS is expected to reduce Form 4506-T rejections widely.
CIC uses a proprietary system for biometric signature verification that the company says provides “forensic level biometric data” and allows paperless business transactions, which reduce strain on the bottom line, and expedite business.
“Over the last 14 months, CIC played an active role through the Mortgage Banking Association’s ResTech Workgroup in educating the IRS on electronic signatures,” Christian Wright, CIC’s Director of Mortgage Solutions said. “Leveraging our significant electronic signature expertise, we were uniquely positioned to support the IRS with its interpretation of both Federal and State electronic signature regulation, with practical examples of how technology has been able to address these regulations and with a suggested framework of guidelines.”
According to the IRS website, tax returns can be now signed electronically using a PIN number, either self-determined or pre-selected.
“As shown in the IRS pilot last year, the adoption of this new process significantly decreases the amount of errors and rejections and represents a significant step forward in the overall lending process,” Robert Williams, CIC’s VP Sales said, adding CIC is in the implementation phase with many clients to complete electronic signatures on Form 4506-T.