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What’s coming as we near the finish of 2022?

Post by: S1 Staff

10/11/2022 | 0800 Eastern

IRS Tax Transcripts

Form update – we expect the IRS/OMB to release a finalized/updated 4506-C version by mid-late October. Additionally, Service First Information Solutions, LLC (S1) and industry advocacy teams successfully won a delay in the implementation of the form to provide clients and technology partners with time to implement the updated form. We anticipate the new form will be required in February, or possibly delayed until April. S1 will update with details following confirmation from the IRS.

Return to normal turn-time - as of 9/29/22, the IRS has returned to a 48-hour turn-time. This is great news following a long and intensive advocacy period with the IRS. S1 strongly suggests using transcripts to mitigate against growing fraud trends due to the purchase market changeover and emerging borrower profiles.

Process Suggestion & Fee Discount - S1 suggests using Income+ as the IRS returns to normal performance and they move to RPA (Robotic Process Automation) and OCR (Optical Character Recognition) to manage the IVES program. S1 is offering a substantial fee discount for users of Income+ through the remainder of 2022.

IRS Alert concerning 1120-S Schedule K-1, Shareholder's Share of Income, Deductions, Credits. IRS transcripts are displaying an incorrect stock ownership percentage of zero for tax years 2020 and 2021. While corrective action is in progress, the expected resolution will be January 1, 2023.

SSN Identity Verification

SSA-89 forms can now be electronically signed. eCBSV allows permitted entities to verify if an individual’s SSN, name, and date of birth combination match Social Security records. We are currently live. Get registered with S1 today!

Credit Reporting

Credit quality – Note that FICO scores have limited variation between income strata, i.e. small differential between high and low-income consumers. FICO scores are likely to drop across all income segments if consumers’ use of credit or payment habits trend negatively. Here’s a good article from Experian on the topic.

Aligning and documenting cost centers – Many S1 clients are now leveraging instant settlement worksheets to record service/report costs for auditors within the S1 platform. Additionally, S1 can create a hierarchy within accounts allowing branches to individually pay for S1 services, by credit card, ACH, etc.

Scoring – Banks and fintech are rapidly changing their lending strategies (HELOC, personal loans, etc.) and closely monitoring risk (portfolio) and resiliency. S1 provides clients access to many scores. A variety of In the MarketTM propensity scores from Experian, Vantage Scores, and FICO models are available to predict or measure real-time performance from your applicants or clients.

Verification of Income/Employment

VOE Cascade – S1’s first-to-market VOE cascade quickly combs through 30+ employment data sources for access to employment and income data. If no database VOE/VOI information is present, the request cascades to a manual VOE/VOI. 83.2 % of all manual VOE/VOIs are completed in 24 hours or less, with status updates throughout the order lifecycle.


MBA Annual

Lenders and originators have holes in their shoes from managing crisis after crisis over the last two years. COVID and the dramatic rate rise created a “see-saw” effect on volume. Low, high, and now low as we conclude 2022. Our clients and prospects are all over the map – some taking the break in volume to invest in new technology and processes, while others consider leaving the space or their dominance in the marketplace. All are looking for the best possible pricing and access to qualified leads, either via their portfolio or externally sourced lead lists. Click here to register for MBA Annual.


About Service 1st

Service 1st has been the industry’s partner since 1927. We’re here to guide you with expert counsel and best-in-class solutions, powered by our affiliate partner and verification leader, NCS. Join us in Music City Oct. 23 - 26 at MBA Annual! Book a meeting today with one of our experts.


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