Equifax OFX Integration for Tax Transcripts

Date Available: Available now, opt-in

Which customers are impacted?: Customers who use Equifax as their IVES tax transcripts vendor, and who have previously enabled Blend’s 4506C workflow can enable this new integration. 

How to turn on: This will not be automatically enabled for our customers. If you’d like this feature to be enabled in your environment, please contact your Blend account team or email support@blend.com. Customers will need to provide their Equifax OFX API credentials to Blend in order to complete enablement of this feature.

Purpose of Update and Benefit:
Blend has now integrated Equifax’s IRS Income Verification service into our platform. Using this integration, Blend’s customers will be able to request and receive a borrower’s tax transcripts from the IRS through Equifax’s service. 

Current Behavior:
Without this integration, the 4506-C is filled out by borrowers through automated or manual follow-ups, and then lenders must submit the forms to their IVES tax transcripts provider outside of Blend. 

New Behavior:
With this integration, lenders who use Equifax as their IVES tax transcripts provider will be able to submit a request for tax transcripts from the lender application. There are no impacts to the borrower workflow.

Once the tax transcripts follow-up workflow is completed by the borrower, loan team members will be able to trigger this integration from the Follow-ups tab in the lender application. Loan teams should click the breadcrumb menu in the rightmost column of the tax transcripts row, then select the “Request tax transcript via Equifax” option. 

A modal will appear asking the loan team user to confirm the request. Requests may take 2-3 weeks to process. Loan team users should click “Request” on the modal in order to proceed. 

 

 

Blend will periodically check the status of the request and post details about the status in the Activities tab. 

 

 

When the tax transcripts are ready, Blend will fetch them from Equifax and upload to the Docs tab in the lender UI. The type of the document will appear as Tax Transcript.

 

 

When the request is completed or rejected by Equifax, the loan team will receive an appropriate email notification.

 

 

 

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