Wrapping Up Meetings
November 1, 2024
Just like everyone, we had a great MBA Conference! But just so you know, that’s one of only two over-inflated marketing statements we’re making here. The rest is actually helpful. So enjoy...
Introducing the 8821 Pilot
At MBA Annual 2024, NCS launched our 8821 pilot. The pilot provides IRS transcript data through the 8821 process, also known as tax information authorization. This process combines IRS and NCS proprietary solutions to provide accurate 8821 data. Our goal is to clear up any misinformation about 8821 with education—like, actual facts. ➤ Sign up for Pilot
Some 8821 Details
The 8821 process enables consumers to grant access to their transcripts for the next three years or up to 20 years in arrears (more details below). This tool is beneficial for quality control, servicing, and origination. It serves industries like mortgage, insurance, and education. Consumers can revoke transcript access at any time, similar to how they manage access to their banking data with aggregators like FormFree and Finicity. During the pilot, end users can request transcript data for up to 5 years in the past, with the potential for this feature to continue in production. Although the 8821 form allows access to 20 years of past data, this will not be part of the NCS solution. ➤ Download 8821 Deck
Speed and Efficiency
Similar to the IVES A2A program, 8821 transcripts can be delivered as soon as the consumer grants permission. This is comparable to how consumers release their banking data to aggregators. The turnaround time for 4506-C, which can take 72+ hours, is reduced to minutes with 8821. This efficiency allows for quicker income calculations and eliminates the need for manual “stare & compare” functions @ application and processing. ➤ View Workflow
Additional Benefits
SSN or TIN Validation: The SSN or TIN on IRS transcripts is validated by the SSA, making it useful for ITIN lending and SSN validation.
No IRS Fee: There is no IRS fee for 8821 data.
FCRA Compliance: NCS’ TRV Services, which include NCS tax transcript products, are consumer reports governed by FCRA. This allows end users to make lending decisions based solely on transcript data.
Integration: 8821 transcript data and reports are available through NCS’ existing integrations, including Encompass, Meridian Link Mortgage, and NCS’ proprietary API.
Click to download 8821 Benefits sheet Exciting Times Ahead
For those tracking, that’s our second over the top statement. Normally, excitement is Friday @ 5pm or inking sale of your company to Amazon. While some at NCS are truly excited, we’re sure yours is slightly lower. 8821 is actually a good advancement though. ➤ Reach out for more info
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