I.R.S. 4506-T Verification
Authenticating a borrower's individual and business Federal Income Tax returns has become an integral
part of quality control efforts by lenders nationwide. In addition, the new 2005 bankruptcy laws
require bankruptcy attorneys to affirm previous income earned by their client petitioners. The
lending and legal communities need verification that their client's personal and business tax
returns are accurate and have been filed.
In 1992 Janice Ramocinski, a mortgage banker, suffered the negative impact of a fraudulent loan
file. Determined not to let this happen again, she and her partners established Verify, LLC,
the first working partnership with the IRS to provide expedited transcript verifications for
the lending industry. From this, Verify LLC was founded. These efforts led to the 4506-T
verification process becoming one of the quality control "gold standards" within the lending
industry.
In 2005, Verify's tax return verification operations were merged with Cipher Data Resources,
Inc. Ms. Ramocinski stated,
"After years of joint marketing efforts with Cipher, the logical
choice to continue Verify's tradition of knowledgeable and efficient customer service oriented
4506-T processing was Cipher Data." Acknowledging that Cipher Data's Cipher
1 tax analysis
program is the "gold standard" in software-based cash-flow analysis for the lending industry,
Ms. Ramocinski also said,
"Let Cipher1 analyze the returns and let Verifyverify them. When
it comes to tax returns and lenders, Cipher is a natural".
Cipher Data's executives have over 50 years combined experience in multiple facets of the
lending, real estate and income tax industries. Cipher's knowledgeable staff makes the
extra effort to insure that 4506-T requests are correctly filled-out in advance of submission
to the IRS allowing transcripts to be received in the fastest possible turn-around time. With
a keen sensitivity to lender needs, Cipher Data prides itself on personal and friendly service.
Cipher Data Resources is dedicated to helping lenders maintain loan integrity and to realize
the time saving and cost benefits that "up-front" quality control provides. Making the 4506-T
process a regular part of their quality control process, our clients are able to:
- Prevent possible fraud
- Save time and money by ordering business and personal tax transcripts 'early' in the loan process
- Be confident that the returns submitted match what was filed with the I.R.S.
- Expedite the underwriting process
- Ensures income compliance with the new bankruptcy laws
To learn more about transcript processing call 1-866-IRS-4506 (866-477-4506) or email
IRS4506@cipherdata.com.
