Monitoring verification turn times, advancements, and disruptions.
Service 1st is tracking system and turn time stability returning to the IRS’ IVES program (4506-T).
At the onset of the COVID-19 pandemic, the IRS shut down the program and slowly migrated operations to a remote processing model. As additional IRS clerks are equipped with laptops and gain experience with new processes, turn times will continue to migrate towards a median 65-hour response, barring any unexpected disruptions.
As mentioned in a Rob Chrisman article in late July, investors are now returning to requirements for borrower tax transcripts -- Mountain West Financial, Wells Fargo, Amerihome, and PennyMac, to name a few. As per normal protocol, we continue to monitor changing 4506-T documentation requirements. Monitoring will also include required borrower consent and notification language per 2019’s Taxpayer First Act.
S1 clients are kept abreast of all verification turn times, advancements, and disruptions per email and via the Service 1st's ordering portal dashboard. Announcements of an upcoming exclusive solution for 4506-T processing are expected in Q4 2020.
CEO, SERVICE 1st
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