Halcyon's Income Verification Integration with Fannie Mae Will Streamline Lending Processes

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
[email protected]
www.halcyonsw.com

SOURCE Halcyon