The Cost of Transcript Access
The SBA lending arena is highly competitive. Regulations change frequently, borrowers are eager to receive funding quickly, and oversight can cost you money and your reputation.
For NEWITY, a leading Lender Service Provider (LSP), the challenge wasn’t just originating loans, but continuing to increase their capacity and efficiency while maintaining quality and compliance.
One of their biggest hindrances?
IRS tax transcript retrieval.
NEWITY was losing hundreds of hours and thousands of dollars to chasing down IRS tax transcripts for their loan applicants. These delays slowed loan approvals and limited NEWITY’s ability to scale its SBA 7(a) loan operations, despite its advanced technology and experienced team.
From getting borrower signatures, handling request rejections from the IRS, and aggregating thousands of dollars in transcript fees, tax transcript retrieval was a major inhibitor to NEWITY’s team ability to help get borrowers their funds quickly, all whilst staying compliant and continuing to increase their capacity for supporting small business owners.
For NEWITY to achieve its mission to simplify access to business capital, they knew something needed to change.
That’s when NEWITY integrated Tax on Demand’s IRS tax transcript service. Transcript retrieval became fast, automated, and cost-effective, streamlining the SBA 7(a) loan underwriting process and allowing the NEWITY team to focus more intently on scaling their loan application and processing workflows.
By incorporating TOD’s tax transcript retrieval system early in their underwriting process, NEWITY underwriters could spend more time on the underwriting and less time on the paperwork.
In just one year, NEWITY rose to become the #1 facilitator of SBA 7(a) loans by volume. TOD enabled faster loan decisions and laid the foundation for scalable underwriting. Beyond internal efficiencies, NEWITY’s streamlined process helped borrowers receive SBA loans three times faster than the national average, creating an exceptional customer experience.
Why TOD Works
- Speed: IRS tax data at your desired pace
- Cost: Scalable, low per-use pricing
- Compliance: IRS-authorized and secure
- Efficiency: Eliminate repetitive tasks and manual workflows
NEWITY’s rise to the top of the SBA 7(a) loan facilitation wasn’t just about volume; it was driven by efficiency, foresight, and the right technology.
Tax on Demand helped them get there.
If your lending operation is ready to scale, it might be time to ask: Are your tax transcript processes helping you grow or holding you back?