|
|
| Current federal crime reports show that fraud levels are continuing to increase at alarming rates in the US. Despite the growing efforts of lenders to protect their investments, many borrowers are becoming more adept and sophisticated at altering tax returns and income documentation needed to obtain loans. Veri-tax, the leading provider of online income and tax verification services, offers lenders the fastest and most secure way to access the borrower’s IRS submitted tax and income information. Verifying borrower submitted loan information has never been easier. |
|
 |
A 2006 FBI study sampling three million mortgage loans found that between 30% and 70% of early payment defaults could be linked to misrepresentations in mortgage loan applications. Counterfeit documents, doctored tax returns, falsified employment and salary information, and inflated property value appraisals are all common ways in which borrowers misrepresent themselves to fraudulently obtain mortgages. Comparing the borrower’s provided materials with their IRS records is a proven and reliable method for catching these cases of fraud.
Assisting lenders in their fraud prevention efforts, Veri-tax has developed technology specializing in the fast procurement of IRS forms, such as the 4506-T. Veri-tax’s industry leading document retrieval turnaround times and easy-to-use online interface allow lenders to compare borrower loan application information with IRS data in the pre-funding process.
Related articles:
70% Payment Defaults
Mortgage Loan Fraud FinCen Report
FBI Mortgage Fraud Report 2006
|
|
|
|
|
|