IRS Acknowledges Verification System Issues
The Internal Revenue Service is now working with the mortgage industry to try and remedy the issues caused by the verification system which has led to a slow in mortgage applications.
“'We are hearing that time frames have increased by two to four days longer than the time frames prior' to a recent change to the system by IRS, said Ron Haynie, senior vice president for mortgage finance policy at the Independent Community Bankers of America," according to National Mortgage News.
"The 'IRS seemed very open to addressing the issues quickly.'"
The issues with the Income Verification Express System began following a December 8 update. The good news is, the IRS is in the process of trying to fix the situation in hopes that processing can return to its normal pace.
For more details on the conversation between the IRS and the mortgage industry, click on the image above.
