The Internal Revenue Service (IRS) recently released a new version of Form 4506, as Form 4506-C, IVES Request for Transcript of Tax Return (version September 2020).
For many years, there was talk about migrating mortgage banking from a paper-driven endeavor to an electronic environment. And while no one is ready to assign paper to a display in the Smithsonian, the progress being made in e-mortgages and e-signatures is substantial. To discuss this trend, MortgageOrb spoke with Tim Anderson, director of e-services at Torrance, Calif.-based DocMagic.
Q: Why has it taken so long for the e-mortgage environment to be embraced by both the industry and the federal government?
Anderson: Primarily, because we're operating in a business that is driven by investor demands. Consequently, innovation and change has always been a painfully slow process in this industry. It seems that every time we begin to get some traction on a certain issue, something else happens in the marketplace that preoccupies the participants.
By Dominic Iannitti, President and CEO, DocMagic, Inc.
It was Leonardo da Vinci who said, “Obstacles cannot crush me. Every obstacle yields to stern resolve. He who is fixed to a star does not change his mind.” When it comes to facing hurdles, those of us working to remove paper from the mortgage process can certainly relate to one of history’s greatest innovators, a man who dreamed of helicopters and solar power centuries before they would become reality. Then again, in the 10-plus years since federal e-signature legislation was signed into law, it occasionally feels as though the e-mortgage is also centuries away from becoming a reality.
A big reason for this is the collapse of the housing market, which led to increased regulations and tighter investor guidelines that have drawn out the time it takes to originate loans.