January 6, 2020
J. Cecil Bowman & Service 1st
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
May 5, 2019
Service 1st- An NCS Affiliate
Mortgage credit reporting is the first third-party service interaction your borrower will likely encounter. It can also be the first roadblock.
April 22, 2019
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
J. Cecil Bowman
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
J Cecil Bowman
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...
August 15, 2018
Fannie mae encourages lenders to scrutinize employer information within the loan file.
If you’ve never visited Fannie Mae’s mortgage fraud prevention page, I highly encourage you to do so. You don’t need to be an underwriter or risk officer to appreciate this resource;...
Year-End Update to Taxpayer First Act (HR 3151) /...
NCRA elects new 2020 board of director member, Jef...
IRS' IVES Working Group meeting to discuss Tax...
21st government shutdown
3 c's of credit