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Here is a brief overview of Taxpayer First Act (Section 2201/2202) as of December 23, 2019 of what has changed, what has been delayed, and what is creating some concern in the mortgage industry.

November 1, 2019

Jeff Gentry, Vice President of Service First Information Solutions (Service 1st), has joined National Consumer Reporting Association (NCRA).

September 26, 2019

Status updates for Section 2201 of the Taxpayer First Act. This section addresses the modernization disclosure of IRS taxpayer information for third-party income verification

Mortgage credit reporting is the first third-party service interaction your borrower will likely encounter. It can also be the first roadblock.

Breaking down the fundamental revisions into simple categories.

After 20 years, the Uniform Residential Loan Application (URLA- Fannie Form 1003/ Freddie Form 67) is getting a major update for the better -- but it will be disruptive. Are you ready?


The new form cre...

January 26, 2019

Proactive steps that were taken to avoid delays in mortgage loan applications.

After close to 35 days, this partial government shutdown is the longest on record. This shutdown was considered partial because it affected only federal agencies that hadn't yet had their app...

December 27, 2018

Check out this historical timeline of government gridlock since 1976. Shutdowns are usually resolved in just a few days, or they drag on for two or three weeks.

November 19, 2018

About the New IRS Tax Transcript and the Customer File Number (CFN).

A new transcript format for the Income Verification Express Service (IVES) process will be implemented in January 2019. 

The IRS’ primary goal is to better protect taxpayer’s personal informat...

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