Data Facts Lending Solutions Blog

New Law Requires Taxpayer Consent for IRS Transcripts

Posted by Matt Holmes

Jan 3, 2020 9:25:38 AM

The Taxpayer First Act, a new law passed in July of last year, includes important provisions for lenders regarding the use of IRS tax transcripts, effective December 28th, 2019.

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Topics: Compliance, tax return verifications, TRV, IRS

IRS Implementing New Doc Rules for Tax Transcripts Effective March 1

Posted by Diana Agee

Feb 11, 2016 1:33:18 PM

The only thing constant is change. The person who first said that knows what they are talking about, especially in regards to the mortgage lending industry. 

Tcomingo_soon_announcement-1.jpghe IRS is requiring a new 4506-T for all tax return verification orders, as well as a change in how to complete Line 5. The March 1st deadline is upon us, and Data Facts is committed to helping our customers minimize the chance of getting an order rejected by the IRS. Follow this 3 step process to be ready for the change. 

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Topics: tax return verifications, TRV, IRS

The High Cost of Mortgage Fraud

Posted by Jennifer Hamby

Dec 5, 2014 11:53:53 AM

Currently, Over 80,000 mortgage applications each year have what is considered “HIGH FRAUD RISK” and the cost to lenders and the financial system are estimated to be BILLIONS!! 

Mortgage fraud is defined by the Mortgage Bankers Association as “any misrepresentation to the lender from a mortgage applicant for the purpose of being approved for a mortgage that the applicant would not otherwise qualify in order to obtain property, or simply profit”. It is a crime with severe penalties yet continues to be one of the fastest growing crimes in the US.

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Topics: MBA, Mortgage, lending solutions, Mortgage compliance, mortgage fraud, tax return verifications, TRV, BankerVMS

Easy Ways to Avoid TRV Kickbacks

Posted by Jennifer Hamby

Jun 24, 2014 1:41:09 PM

Ordering Tax Return Verifications can be a nightmare if you keep getting kickbacks due to inaccurate information when you order.  Don’t let mistakes slow you down.  Save time and money by making sure you fill out the 4506-T form accurately.  Here are some helpful hints when ordering your TRV.

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Topics: tax return verifications, Mortgage Lending, TRV

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