Frequently Asked Questions

Tax Transcripts
Halycon 8821
4506-C Borrower Assisted

AutomatIQ Borrower Tax Transcripts

General

  1. What is AutomatIQ Borrower Tax Transcripts? AutomatIQ Borrower Tax Transcripts provide comprehensive, IRS-verified income data verification services for lenders and borrowers, facilitating compliance and efficient transcript retrieval.
  2. Why should I choose AutomatIQ for tax transcripts? AutomatIQ offers speed, accuracy, and cost efficiency, and Halcyon Form 8821 provides an approved solution by Fannie Mae and Freddie Mac. These factors ensure smooth and reliable income verification processes.
  3. What distinguishes AutomatIQ from other Tax Transcripts services? AutomatIQ Borrower Tax Transcripts has three distinct offerings: traditional form and fax-based 4506-C Direct, new 4506-C Borrower Assisted, and Form 8821 with our partner integration with Halcyon.

Market Challenges

  1. How much time does it take through the traditional faxed-based 4506-C Direct Route? On average, it takes 3-4 business days to get the tax transcripts using the traditional method.
  2. What change is coming on 1st October On 1st October, the Income Verification Express Service (IVES) fees for requests via the fax channel will increase from $2.00 to $4.00 per transcript.
  3. What is the IRS rejection rate? Of all orders, 14.10% are rejected by the IRS based on our three years of data.
  4. Of all these rejections, what is the primary cause? 84.74% of these rejections are due to an incorrect address, name, or SSN.

Solution Specifics

  1. What is included in the 4506-C Direct service? This service involves fax-based, direct retrieving tax transcripts from the IRS, ensuring high accuracy and compliance. It is the cost per borrower, takes the maximum amount of time, and is most error-prone due to the manual nature of the process.
  2. How does the 4506-C B.A. enhance the lending process? The Borrower-Assist option involves the borrower in the acquisition process, speeding up the process and cutting costs while maintaining high data security. This option directly integrates with the IRS portal using API and is the most cost-effective solution, charged per borrower.
  3. What advantages does Form 8821 offer? Form 8821 provides quick and affordable access to tax data, suitable for situations where speed and cost are prioritized. This solution is approved by Fannie Mae and Freddie Mac and is cost-effective as it is charged on a per-loan rather than per-borrower basis.

Cost and Efficency

  1. How are costs minimized using AutomatIQ services? Enhanced accuracy and reduced IRS rejections lower the costs related to resubmissions, administrative handling, and delays.
  2. What are the cost benefits of fewer IRS rejections? Fewer rejections translate into fewer resubmission fees, reduced administrative handling costs, and minimal delays, significantly reducing costs.
  3. How does AutomatIQ ensure swift turnaround times? By streamlining processes and using digital advancements, AutomatIQ accelerates the income verification process, significantly saving lenders and borrowers’ time.

Technical and Support

  1. What technology does AutomatIQ use to secure data? AutomatIQ employs the latest security technologies to protect sensitive data during the income verification process, ensuring all information is handled securely.
  2. How user-friendly is the AutomatIQ service platform? The platform is designed to be intuitive and hassle-free, requiring minimal guidance from users, which enhances the borrower's experience significantly.
  3. Is there support available to troubleshoot during the verification process? Yes, AutomatIQ provides full support, with dedicated troubleshooting assistance and help during the verification process to ensure smooth operations.

Additional Featues

  1. Can AutomatIQ handle both personal and business tax transcripts? Yes, AutomatIQ verifies both personal and business tax transcripts, offering a complete financial picture for lenders.
  2. What makes AutomatIQ's approach innovative? AutomatIQ adopts an innovative approach by incorporating advanced technology and partner integration like Halycon, simplifying and streamlining the verification process. This keeps AutomatIQ ahead in the market and allows clients to meet their requirements regarding cost, time, and borrowers' details.
  3. How does AutomatIQ support different market needs? AutomatIQ Borrower Tax Transcripts is a single solution that merges tradition with versatility. It offers three solutions—4506-C Direct or 4506-C Borrower Assisted and Form 8821, allowing lenders to choose the best options based on their specific requirements and loan complexity.

User Experince

  1. How accessible is the AutomatIQ system for first-time users? The system is designed with a clear, straightforward interface that new users can easily navigate to conduct their verification processes efficiently. To access tax transcripts, you can use the AutomatIQ portal or Encompass.
  2. What training does AutomatIQ provide for new users? AutomatIQ offers comprehensive training modules, walkthroughs, and support to ensure all users are comfortable and proficient with the system.
  3. Can changes be made once the verification process has started? Certain aspects can be adjusted depending on the stage of the process. Users should contact support promptly for assistance with adjustments.

Use Cases

  1. How does AutomatIQ cater to the needs of large-scale lenders? For large-scale lenders, AutomatIQ provides enterprise-level solutions that handle high volumes of requests efficiently, backed by robust support and extensive data security measures.
  2. What solutions does AutomatIQ offer for small businesses seeking tax verification services? Small businesses benefit from AutomatIQ’s cost-effective, streamlined services that allow them to compete more effectively on a level playing field with larger companies.
  3. Can AutomatIQ handle rush requests to verify tax transcripts? Yes, AutomatIQ’s swift service options, like 4506-C Borrower Assisted or Form 8821 through Halcyon, can meet urgent demands and provide rapid results without compromising accuracy or security.

Additional Reading

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