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Home | Tag Archives: IRS

Tag Archives: IRS

DocuTech Integrates Veri-Tax Verification Solutions

DocuTech Corp., a compliance and documentation technology company headquartered in Idaho, has partnered with Veri-Tax to automate the 4506-T IRS verification process in its flagship software ConformX. The company says this technology enhancement will help lenders to simplify the disclosure process while ensuring compliance with consumer protection regulations.

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Eleven Indicted in California Mortgage Mod Scam

Federal agents arrested 10 defendants who worked at a Rancho Cucamonga, California-based business accused of offering false loan modification programs to homeowners, SIGTARP announced Wednesday. Those taken into custody are among 11 defendants named in a federal indictment over a mortgage fraud scheme that allegedly cost distressed homeowners more than $7 million.

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GAO Reports 6,327 Tax Debtors Received FHA-Insured Mortgages

Under federal policy, those who are behind on their taxes are ineligible for FHA mortgage insurance unless they repay their debt or are in a valid repayment agreement with the IRS. However, the Government Accountability Office (GAO) found that FHA insured over $1.44 billion in mortgages for 6,327 borrowers who had a total of $77.6 million in federal tax debt. The watchdog group explained that the borrowers benefited from the 2009 American Recovery and Reinvestment Act, which includes a provision that increased mortgage insurance loan limits and provided an estimated $12 billion in Recovery Act First-Time Homebuyer Credits (FTHBCs) to 1.7 million individuals.

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What an Extension of the Mortgage Debt Relief Act Could Mean

According to a preliminary report released by LPS, 2,060,000 properties are in foreclosure inventory. As of the end of the 2011 fourth quarter, 11.1 million borrowers were reported to be underwater, according to CoreLogic. That's a lot of potential debt to be forgiven, and through the Mortgage Debt Relief Act of 2007, homeowners get a break from paying taxes on their forgiven debt, whether it was forgiven through a short sale, foreclosure, or a modification. The act though, is set to expire at the end of this year.

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Washington Man Found Guilty for Filing False Liens Against Officials

After filing false liens against four federal government officials, a Washington state man was sentences to 41 months in prison Monday, the Justice Department and the Treasury Inspector General for Tax Administration (TIGTA) announced. Ronald James Davenport of Chewelah, Washington filed more than $20 billion in false liens on properties of a U.S. attorney and the court clerk of the Eastern District of Washington, an assistant attorney, and an IRS revenue officer, according to the evidence presented at trial in December 2009.

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Obama Proposes Extending Tax Waiver on Mortgage Debt Forgiveness

Obama's FY2013 budget proposal includes an extension of the Mortgage Forgiveness Debt Relief Act of 2007. The Act ensures that homeowners who received principal reductions or other forms of debt forgiveness on their primary residences do not have to pay taxes on the amount forgiven. The administration is proposing an extension that would apply to any amounts forgiven before January 1, 2015. Otherwise, short sales and even modifications that reduce the debt qualify as income to the borrower.

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Congressmen Propose Using Retirement Funds to Pay Mortgages

Two Georgia congressmen are proposing a bill they believe will help some homeowners keep up with their mortgage payments and avoid foreclosure. Sen. Johnny Isakson and Rep. Tom Graves have introduced the Hardship Outlays to protect Mortgagee Equity (HOME) Act, which would amend the Internal Revenue Code of 1986 to provide penalty free distributions from certain retirement plans, which a homeowner could use to cover mortgage payments on a principal residence.

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Fiserv Hires Former IRS Deputy Commissioner as EVP and COO

Fiserv, Inc. recently hired Mark Ernst as EVP and COO. Ernst began his new role this week, providing leadership in integrated product delivery, service quality, and the company's operational effectiveness objectives. Most recently, Ernst was deputy commissioner of operations support for the Internal Revenue Service (IRS). He also held key executive positions at H&R Block, Inc. and Bellevue Capital.

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