CIC Supports IRS Electronic Signature Requirements
CIC played key role in championing electronic signatures at the IRS and in developing related requirements for IRS Form 4506-T
REDWOOD SHORES, Calif., Jan. 7, 2013 /PRNewswire/ -- Communication Intelligence Corporation ("CIC" or the "Company") (OTCQB: CICI), a leading supplier of electronic signature solutions and the recognized leader in biometric signature verification, announced today that it fully supports the Internal Revenue Service's (IRS) recently approved electronic signature requirements that are aimed at expediting tax return verifications. This is expected to reduce Form 4506-T rejections for both lenders and IVES vendors.
"Over the last 14 months, CIC played an active role through the Mortgage Banking Association's ResTech Workgroup in educating the IRS on electronic signatures," stated Christian Wright, CIC's Director of Mortgage Solutions. "Leveraging our significant electronic signature expertise, we were uniquely positioned to support the IRS with its interpretation of both Federal and State electronic signature regulations, with practical examples of how technology has been able to address these regulations and with a suggested framework of guidelines."
"We commend the IRS for its acceptance of electronic signatures and we are excited to partner with CIC to offer a robust electronic signature solution within the SharperLending suite of mortgage technology products," stated Dave Black, President and CEO of SharperLending LLC, a financial services and mortgage technology provider that specializes in Form 4506-T processing solutions, among many other technology solutions. "Leveraging an electronic signature solution within our SharperLending platform is something we have been looking forward to for some time and expect this new offering to drive significant efficiencies for our 4506-T customers and their lender clients."
"As the only document within the initial disclosures package that was unable to be electronically signed, the IRS's acceptance of electronic signatures on Form 4506-T provides lenders the benefit of having the entire package signed in a single workflow," continued Mr. Wright. "The IRS announcement also provides IVES vendors the opportunity to offer additional services to their customers with a completely paperless workflow that can dramatically reduce both response times and rejection rates for tax return verifications."
"As shown in the IRS pilot last year, the adoption of this new process significantly decreases the amount of errors and rejections and represents a significant step forward in the overall lending process," stated Robert Williams, CIC's VP Sales. "CIC is in the implementation phase with a number of existing and new clients – including SharperLending – to complete electronic signatures on Form 4506-T. We see expanding opportunities available for CIC's technology and services in the loan origination industry where signature integrity and security matter."
CIC is a leading supplier of electronic signature products and the recognized leader in biometric signature verification. CIC enables companies to achieve truly paperless workflow in their electronic business processes by providing multiple signature technologies across virtually all applications. CIC's solutions are available both in SaaS and on-premise delivery models and afford "straight-through-processing," which can increase customer revenue by enhancing user experience and can also reduce costs through paperless and virtually error-free electronic transactions that can be completed significantly quicker than paper-based procedures. CIC is headquartered in Redwood Shores, California. For more information, please visit our website at http://www.cic.com. CIC's logo and iSign® are registered trademarks of CIC.
About SharperLending, LLC
Headquartered in Spokane, Washington, SharperLending LLC was founded in 1989 and was the first to offer a complete Web browser-based mortgage credit reporting system on the Internet. The company's proven technology has processed more than 500 million secure mortgage transactions. SharperLending LLC has three divisions under its corporate umbrella: SharperLending Mortgage Services Division (mortgage services, Appraisal Firewall and TRV processing platforms); SharperLending Credit Division (technology for the credit reporting industry); and SharperLending Solutions (loan origination product packaging division). For more information, visit www.SharperLending.com
Forward Looking Statements
Certain statements contained in this press release, including without limitation, statements containing the words "believes", "anticipates", "hopes", "intends", "expects", and other words of similar import, constitute "forward looking" statements within the meaning of the Private Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors, which may cause actual events to differ materially from expectations. Such factors include the following (1) technological, engineering, quality control or other circumstances which could delay the sale or shipment of products containing the Company's technology; (2) economic, business, market and competitive conditions in the software industry and technological innovations which could affect customer purchases of the Company's solutions; (3) the Company's inability to protect its trade secrets or other proprietary rights, operate without infringing upon the proprietary rights of others or prevent others from infringing on the proprietary rights of the Company; and (4) general economic and business conditions and the availability of sufficient financing.
SOURCE Communication Intelligence Corporation (CIC)
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