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WBK Industry News - Federal Regulatory Developments

IRS Restarts Income Verification Service for Lenders

Despite the partial government shutdown, the IRS announced that following an extensive review, it began processing requests on January 7, 2019 for transcript information made through the Income Verification Express Service (IVES) program.

IVES is a user fee-based program used primarily by mortgage lenders and others within the financial services industry to confirm the income of a borrower during the processing of a loan application.  According to the IRS, it will take time to bring this service up to normal operating status.  It may initially take longer than the standard 72-hour turnaround time for the IRS to process these requests.  This is due to employees being brought back to work to process backlogged requests resulting from the partial government shutdown.