RED
BANK, N.J., May 21, 2024
/PRNewswire/ -- Halcyon (www.halcyonsw.com) announced today they
are in the process of integrating with Fannie Mae's Desktop
Underwriter® (DU®) validation service, with final authorization at
a later date. This new integration utilizes the widely recognized
IRS 8821, modernized by Halcyon to provide unsurpassed speed,
accuracy, and flexibility.
Halcyon, a vanguard in the financial technology industry,
leverages its team's extensive 25-plus years of experience in tax
preparation and financial services to offer a cutting-edge
solution. The Halcyon system delivers a comprehensive array of 64
tax transcripts—every transcript the IRS has available—from W-2s
through K1s and 1120 business transcripts, in both PDF and JSON
formats. This efficiency is achieved at a lower cost and faster
speed than current industry standards, with virtually no
rejections.
"Our initiative with Fannie Mae signifies an important step
towards the future of digital underwriting," stated Kirk Donaldson, CEO of Halcyon and pioneering
founder of LoanBeam. "By reintroducing the long-established IRS
8821 in a modernized form, we're setting a new benchmark in
mortgage processing. Our expertise in the mortgage sector and deep
understanding of income verification processes allow us to craft
solutions that are not only innovative but also deeply rooted in
industry needs."
This breakthrough solution ensures data integrity by sourcing
directly from the IRS, entirely eliminating errors commonly
associated with manual data entry, OCR, and visual checks. The
seamless integration of Halcyon's technology into existing systems
promises to revolutionize income verification, potentially making
income quality control checks obsolete. The flexibility and
available options cover every originator and lender, from new
web-based solutions that pull transcripts within minutes of a
borrower signing up, to a seamless replacement for existing
processes using the far less efficient IVES system.
This tool from Halcyon fits the best, long established
transcript processes from the IRS into the mortgage industry,
leveraging historical practices to set new industry standards.
Contact:
Bridget Trevino
Chief Revenue Officer, Halcyon
bridget.trevino@halcyonsw.com
www.halcyonsw.com
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SOURCE Halcyon