|[January 03, 2013]
NCS Partners with eSignSystems to Offer Complete Solution for eSigned 4506-T Forms, Accepted by IRS Beginning Jan. 7
EGG HARBOR CITY, N.J. --(Business Wire)--
National Credit-reporting System, Inc. (NCS), a full-service consumer
reporting agency specializing in income, identity, and credit
intelligence, announced today that it has partnered with eSignSystems, a
division of Wave Systems Corp. (News - Alert) (NASDAQ:WAVX), to provide a full suite of
eSigning, eDelivery, and eVaulting solutions.
The move by NCS anticipates the IRS' January 7 acceptance of electronic
signatures on 4506-T forms, which are used by lenders, insurers, and
healthcare firms to obtain tax transcripts for consumer and business
income verification. In addition to allowing lending customers who use
the company's TRV (R) Services to move the signing and management
of their loan origination documents online, the solution will open the
door for NCS to serve customers in other sectors, such as insurance and
This final eSigning advancement, however, will have immediate impact for
NCS' mortgage origination clients, for whom the IRS acceptance of
eSigned 4506-T forms completes the last technical milestone in eSigning
acceptance on conventional loan origination. For the lender and investor
it means a more compliant, auditable disclosure process, and offers an
uncomplicated path to meet the new Consumer Financial Protection Bureau
regulations for new mortgage disclosures.
The integration of eSignSystems' SmartSAFE™
will allow NCS clients to create their own branded SigningRooms within
the NCS web portal, providing "one-stop shopping" for the NCS customer,
from eSigning to submission of the 4506-T.
"We chose eSignSystems for many reasons, including their lengthy track
record, technology, 'go to market' speed, existing LOS integrations, and
their penetration into mortgage and insurance markets," said NCS
Executive Vice President Curtis Knuth. "eSignSystems also affords NCS
the option to place the entire platform behind our firewall, providing a
true SaaS (News - Alert) solution, which was very important to us."
"NCS is being very forward-thinking, as electronically signed documents
offer not only convenience and cost-savings, but eDocuments promote
greater integrity of the document management process with a full
electronic audit trail," said Kelly Purcell eSignSystems' Executive
Vice President. "By choosing a comprehensive solution rather than
building their system, NCS is now first to the market with an open
strategy that provides a lot of options for their customers. SmartSAFE
offers a proven IVES technology backbone, making it easy to aggregate
all eSigned 4506-Ts and provides a unified audit, storage, and reporting
platform-from eSigning through the entire electronic document lifecycle."
NCS' web portal will continue to provide the option to submit a
physically signed or "wet" signed 4506-T. This was an important
requirement for NCS clients as they moved through obtaining consent from
internal stakeholders on implementation of electronic signature in their
workflow. Additionally, for NCS clients and prospective clients
utilizing an existing eSignature solution, the eSignSystems solution
provides for simplistic and secure integration to NCS for the processing
of 4506-T forms.
NCS has been a leading participant in the IRS Income Verification
Express System (IVES) program and previous program generations for
almost 20 years, the longest of any nationwide provider of the solution.
It has positioned itself as an advocate for the industries it serves and
has historically sought to provide guidance to the governmental agencies
with which it works. The IRS places specific obligations on IVES vendors
handling eSigned 4506-Ts to warrant the validity of all eSigned
documents, both in terms of the eSigning ceremony and document tamper
detection, for a period of two years.
SmartSAFE supports and complies with all recently published IRS
guidelines allowing electronic signatures on conventional mortgage
origination documents as well as 4506-T and 4506-T-EZ, and supports FHA
loans that still require some "wet" signed documents.
The NCS and eSignSystems solution was built in tandem with the IRS
regulations, as both companies provided leadership in their position of
advocacy to the IRS on eSignature deployment. NCS SVP Cecil Bowman, a
35-year veteran of IRS eServices development, served as Chair of the
Mortgage Banking Association (MBA) 4506-T workgroup, while both NCS and
eSignSystems were participants in the ResTech IRS workgroup. As
recognition for their industry leadership, Bowman and Purcell of
eSignSystems won Mortgage Banker Magazine 2012 Tech All-Star
"NCS is now positioned to better serve lenders and provide 4506-T
processing to financial services companies in areas such as mortgage,
healthcare, and insurance," added Knuth. "Our customers will get all the
benefits with minimal upfront costs."
For more information, call NCS at 800-582-7066, email firstname.lastname@example.org,
or visit ncstrv.com/eSignature.
For more information on eSignSystems products and services, visit www.esignsystems.com.
National Credit-reporting System, Inc. (NCS), founded in 1978, is a
full-service, consumer-reporting agency specializing in income,
identity, and credit intelligence. NCS provides cutting-edge, superior
quality, data-driven solutions that enable its clients to meet
compliance requirements and minimize risk. In 1994, NCS became the
nation's first company to 4506-T solutions nationwide. Visit www.ncstrv.com
or call 800-582-7066.
eSignSystems, a division of Wave Systems Corp. (NASDAQ:WAVX), is a
leading provider of lifecycle management of electronically signed,
legally binding documents, contracts and digital transactions. SmartSAFE
enables companies to manage business processes and transactions entirely
online. Organizations can address certain regulatory compliance issues,
improve productivity and efficiency in processing transactions,
and achieve significant cost savings through the elimination of document
transportation costs, processing and storage. For more information,
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