Income Verifications Expected to Come More Quickly After IRS Upgrades System
September 29, 2006
The Internal Revenue Service is upgrading its income verification program, a change that will allow lenders to process loan applications quicker. Starting in October, the IRS will deliver borrower tax returns to lenders electronically. Currently, transcripts are paper and either mailed to or picked up by the requestor with a turnaround time of one to two days. The upgrade will reduce that processing time, but will not provide real-time verification...