Equifax, DocuSign Partner to Streamline E-Signature Process

Equifax, DocuSign Partner to Streamline E-Signature Process

01/10/2013 BY: ESTHER CHO

Equifax and DocuSign joined forces in an effort to help the IRS accelerate the processing of 4506-T forms.

The companies will are working to make it easier, faster, and more secure for individuals and businesses to electronically sign and submit 4506-T forms, which are needed to request tax transcripts used to verify income.

The IRS began accepting e-signature technology on 4506-T forms January 7.

Equifax announced its new enhancement allows a lender to send a request form to the loan applicant for a signature using DocuSign. This eliminates the need for the lender to collect the signature separately and upload the signed document. Equifax then processes the request to create a paperless transaction that authorizes the distribution of tax information to the lender. Equifax clients will continue to have the option of submitting manually signed forms.

DocuSign is able to fulfill the IRS’ requirements for an eSignature platform by delivering secure authentication through Single Sign On (SSO), consumer consent via a one-page consent form, a separate audit trail, and tamper proof documents.

“The 4506-T is a required document in virtually all mortgage lending scenarios, and has long been the last remaining document in a mortgage loan application that could not be electronically signed,” said Jeff Knott, senior director of product management at Equifax. “Our joint proof of concept pilot with DocuSign demonstrated that individuals and businesses can complete and submit government forms more quickly and efficiently online with eSignature – anytime, anywhere, on any device. This potentially removes 1-3 days from the front end of the loan application process by eliminating faxing or mailing, and enables an entirely paperless, electronically signed loan application.”

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