|[December 20, 2012]
IMM's Document Exchange Compliant with IRS Acceptance of Form 4506-T eSignatures
LINDEN, N.J. --(Business Wire)--
a provider of innovative eSignature, workflow and document solutions for
financial institutions, today announced that Document
Exchange, its cloud-based eSignature solution, meets the U.S.
Internal Revenue Service's (IRS) requirements to accept electronic
signatures on Form 4506-T, the Request for Transcript of Tax Return.
Signed 4506-T forms authorize the IRS to release taxpayers' transcripts
to third parties, such as financial institutions and mortgage lenders.
The 4506-T is the last document in the loan origination and loan
modification process that required a wet-ink signature. Earlier this
year, the IRS announced it would accept the 4506-T electronically signed
beginning January 2013. eSignature acceptance on this form will drive
new efficiencies for lending institutions as well as for potential
"IMM is excited the IRS has embraced electronic submission of Form
4506-T, as it allows mortgage originations to follow the same electronic
processing accepted in other areas across the financial institution,"
said John Levy, EVP of IMM and board member of the Electronic Signature
& Records Association (ESRA). "With the prevlence of eSignatures in our
society, borrowers and the financial industry alike have been yearning
for the paperless mortgage to be reality. It means much more convenient
options for the consumer and great efficiencies for the institutions."
IMM's Document Exchange is powered by Adobe (News - Alert)® EchoSign® to provide an
intuitive, hosted experience for cloud-based delivery and electronic
signature services. Compliant with both ESIGN
(Electronic Signatures in Global and National Commerce Act) and UETA
(Uniform Electronic Transactions Act) governance, the technology is
browser- and device-agnostic. Document Exchange was designed to generate
legally enforceable electronic records, and therefore meets Form 4506-T
requirements for fulfilling identify verification, capturing intent to
sign and performing ongoing document integrity validation. With the
digital signature embedded in the document, Document Exchange provides
the audit log records to enforce and support the document signing
Levy added, "It is great to see the IRS looking to gain the same
benefits of electronic signatures and records that are already providing
huge cost savings in other areas of daily life."
Document Exchange integrates with any institution's LOS and ECM/imaging
system, allowing for automatic archival of the completed, eSigned
documents including an audit trail. Additionally, institutions can
eliminate expenses related to the paper scanning, signature pads and
digital certificates typically required.
Based in Linden, N.J., IMM develops and delivers innovative technology
solutions that enable financial institutions to electronically
streamline their business operations and processing environments. With a
strong and secure legacy of serving more than 600 banks and credit
unions with solutions for eSignature capture, business process
(workflow) automation, and document presentment, IMM continues to create
advanced software applications that promote clients' sustainability
while dramatically increasing productivity and operational efficiencies.
For more information, visit www.immonline.com
or follow the company on Twitter @immonline and Facebook (News - Alert) at http://www.facebook.com/pages/IMM/84946545833.
[ Back To IBM News 's Homepage ]