The Internal Revenue Service has launched its much-anticipated Income Verification Express Service or IVES, a program offering immediate electronic delivery of client tax and income information to financial lenders such as mortgage companies.
Through the IVES program, the IRS charges $4.50 for each tax-return year requested by the lender, with most companies requesting two copies. Prior to the IVES program, it provided the information for free.
Borrowers, however, must sign Form 4506-T granting permission for a third party to receive information from the IRS.
Financial lenders use tax transcripts to verify a potential borrower’s income. Prior to the launch of IVES mortgage companies typically faced a two-day wait for requested income and tax information.
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