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QuestSoft Completes 4506-T Certifications from the IRS Well Ahead of Deadlines


LAGUNA HILLS, CALIF., August 22, 2016 – Following the IRS’s changes to the Income Verification Express Service (IVES) for submitting 4506-T forms electronically in late 2015, QuestSoft, a provider of automated mortgage compliance software, recently completed the required internal and customer certifications necessary to ensure its customers can continue submitting income verification forms electronically without interruption and ahead of schedule.

The changes come as the IRS attempts to reduce fraud and identity theft through their electronic 4506-T income verification form. As part of the changes, all users of IVES are required to re-certify and re-verify their identity. Additionally, QuestSoft has updated its software and processes to verify the legitimacy and identity of companies using the electronic 4506-T service. QuestSoft has also made changes to meet other requirements related to security controls, access management, and document retention.

“Fortunately for our customers, most of the aggressive IRS changes had already been integrated into our IRS 4056-T processes or had existed in our automated compliance product, Compliance EAGLE,” said Leonard Ryan, president and founder of QuestSoft. “Because we take our customer’s security so seriously, we easily met most of the IRS deadlines well in advance.”

Ryan added that he understood some smaller lenders had agreements cancelled by larger industry providers due to the extra demands the IRS has now placed on vendors for vetting. However, because QuestSoft voluntarily implemented most of these controls prior to the IRS announcement, the company’s expenses were minimal and they did not need to adjust pricing for their customers.

QuestSoft’s free Compliance VERIFY solution provides a full suite of IRS-4506-T and SSA-89 verification services to help prevent fraud and glitches before each loan is funded. In addition, QuestSoft experts complete a personal review to ensure all data is properly provided. As a result, users gain a more time and cost efficient method for ordering business and tax transcripts, an expedited underwriting process and can more easily meet investor requirements.

About QuestSoft®

Laguna Hills, Calif.-based QuestSoft is a leading provider of comprehensive compliance software and services for the mortgage, banking and credit union industries. QuestSoft combines 20+ years of mortgage regulatory, CRA and Fair Lending compliance analytics, data management and software design expertise with best-in-class customer service to consistently improve client compliance accuracy and facilitate smoother regulatory audits. QuestSoft products, interfaced with over 40 LOS providers, enable more than 2,200 clients to simplify and speed the collection, analysis, compilation and reporting of key lending regulatory report data. For more information, call 800-575-4632, ext. 1, or visit www.questsoft.com.