DocuSign is working to make one onerous chore easier: filling out mortgage paperwork. Last Thursday Equifax and DocuSign that they will be working with the IRS to help streamline the processing of form 4506-T, the Internal Revenue Service’s Requests for Transcript of Tax Return form.
This form is filled out approximately 25 million times each year, as it is used in almost every single mortgage lending scenario, and until recently it was the only document in a mortgage loan application that could not be signed electronically. The ability to expedite these forms electronically is expected to save times on both ends, stimulating and accelerating business for mortgage lenders, credit unions, credit unions, credit card companies, and other lending institutions.
This is because, rather than having to collect the signature separately and upload it to the IRS’s systems the document can be signed as part of the normal tax transcript ordering process. These papers are then automatically routed to appropriate parties at the IRS by Equifax.
The announcement comes at the end of a nine month trial pilot program involving Equifax, DocuSign, and 12 lenders. This is in addition to DocuSign’s work with the IRS of several years to bring eSignature to government transactions.
““We’re proud to have led the eSignature pilot in partnership with Equifax to make it easier, faster, more convenient and secure than ever before to do business with the government,” Ken Moyle, chief legal counsel at DocuSign, announced.
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