SALT LAKE CITY, Utah /CitizenWire/ — International Document Services (IDS), a mortgage document preparation vendor, has added fulfillment audit services to its e-signature platform to meet Internal Revenue Service (IRS) audit requirements for all electronically signed 4506-T forms. The IRS began accepting electronic signatures on the form on Jan. 7.
The new service, FES Reporter, is a service that builds and distributes audit reports, as well as certificates of completion, for documents signed electronically in the idsDoc system. Clients can opt to have the 4506-T audit report sent automatically on the first of the month. Certificates of completion are available upon request through IDS customer service.
"The move to finally make the 4506-T an e-sign document provides the missing piece in the ability to e-sign all origination documents. It was the main paper signature document left in the mortgage origination process, and this is the next step to a completely paperless process," said IDS Executive Vice President Mark Mackey.
In order to meet IRS requirements for auditing of e-signed 4506-T documents, IDS began capturing additional information about signer activity in late 2012. This additional information enabled IDS to build a certificate of completion for 4506-T documents, according to IRS guidelines.
The certificate of completion indicates when activities related to a document occur, such as when the document was created in idsDoc, when notice was sent to the borrower/signer, when the borrower(s) signed into idsDoc or when each signature item on a document was completed. For IRS purposes, the certificate of completion is the documented evidence that the borrower/signer actually signed the document.
"We understand that our clients are concerned about the compliance with the electronic signature platform requirements promulgated by the IRS, and we've taken all the necessary steps to ensure that our electronic signature platform is compliant with the IRS requirements," Mackey added.
About IDS, Inc.:
IDS, founded in 1986 in Salt Lake City, Utah, is a nationwide provider of mortgage documents and compliance. IDS services include closing documents, initial disclosures and fulfillment. The IDS flagship doc prep solution, idsDoc, is recognized in the industry for its ability to be customized to meet specific lender needs. IDS backs the system with unsurpassed customer service, cutting-edge technology, compliance and document guarantees, and a solid compliance team. Lenders looking to move forward when it comes to doc prep can visit the IDS website at www.idsdoc.com or call 800.554.1872.
Copyright © 2013 CitizenWire™; and Neotrope®. CitizenWire is a publication of the Neotrope News Network.