May 4, 2012
IRS says to expect 4506-T E-Signatures soon
With a successful pilot program winding down, members of the IRS said that they expect to allow for electronic signatures on 4506-T forms by the end of this year.
IRS officials spoke about the significant step during the recent Mortgage Bankers Association’s Technology Conference in Phoenix, National Mortgage News reported, saying that it was about time that electronic signatures came to the income verification form.
"I know the ESIGN Act has been around for 12 years and here we are just now talking about E-sign for transcripts," said Paul Mamo, IRS deputy director of submission processing, according to the source. "I wish we had been there a few years ago, but I'm confident we're going to be able to roll this out by the end of the year."
Al Dussinger, executive vice president and chief technology officer for Rhode Island-based Embrace Home Loans - which was part of the pilot - told NMN that the implementation of the program was smooth. He added that retail loan officers were able to cut down time spent on disclosure packages to about an hour.
IRS officials also discussed an e-transcript initiative, which might eventually replace the need for 4506-T forms completely. A proof of concept is scheduled for a test later this year.