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| 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. |
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A 2010 FBI study found that over 62% of mortgage fraud schemes identified were loan origination schemes. These schemes included falsifying a borrower's financial information such as income, assets, liabilities, employment, rent, and occupancy status to qualify the buyer, who otherwise would be ineligible, for a mortgage loan. Fictitious bank statements, W-2 forms, and tampered tax return documents are all 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:
Mortgage Loan Fraud FinCen Report
FBI Mortgage Fraud Report 2010
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