Verification of Income

Verification of Income

Veri-Tax is the only Verification of Income provider with a 99% success rate!

At Veri-Tax, we provide unbiased third-party income verifications that mitigate the risk of consumer misrepresentation, reducing the processing time for in-house verifications of income, and delivering compliant verifications. We expedite the delivery of complete and accurate income data within 24 to 72 hours, with no additional fees for account maintenance or support.

100% Paperless Verification of Income

Introducing our digital Verification of Income feature, helping you and your employers save time!

  • Digital Verification of Income with E-sign technology
  • Secure employer portal improves efficiencies and reduces turnaround times
  • Automated income calculation populated on digital 1005
  • 65% of all Veri-Tax VOI forms are digitally completed by employers within hours instead of days!

Features & Benefits

  • Streamlined process informed by employer intelligence repository including designated third party use
  • Currently have access to over 60 third party verification providers
  • Industry leading turn times with detailed reporting including real-time updates on each order
  • Specialists to focus on other value-added steps of the loan process
  • Formal and dynamic quality assurance program includes data integrity, process and voice recording audits
  • No additional fees for account maintenance or support
  • Flexible order placement options
    Onshore service agents

24-72 Hour Turn Time

Veri-Tax is the only Verification of Income provider with a 99% success rate; half of our verification of income forms are digitally completed by employers within hours!

  • Written verifications (with income) completed within 48-72 hours
  • Verbal verifications (without income) completed within 24-48 hours
  • Reverifications needed prior to closing completed within 24 hours

Frequently Asked Questions

What is a VOI?

VOI stands for “Verification of Income.” A VOI consists of verifying both employment and income information including pay rate, income breakdown (e.g., bonus, overtime, commissions), and history. It is often referred to as “written” VOE (Verification of Employment) even though income is also being verified. This is used by banks, mortgage lenders, credit unions, financial institutions, fintech players and other financial and non-financial companies to help corroborate an individual’s employment status and history and inform underwriting and/or other business decisions including “ability to repay.”

What is a Reverification?

A Reverification is an employment only reverification typically used prior to loan closing to confirm that nothing has changed in the employment situation since the original VOE (Verification of Employment) or VOI (Verification of Income) was completed earlier. Multiple re-verifications may be required if the loan closing date changes.

Why do I need a Verification of Income (VOI) when I can use paystubs, W2s and/or bank account statements?

Based on underwriting, regulations, risk mitigation and/or other best practices, systematic verification of employment and/or income directly with the employer or their designated third party can be invaluable for corroborating and reconciling information from the paystubs, W2’s, and/or other documents. In addition, more updated and detailed information not available from other sources may be needed (e.g., at least 2 full years of income history for underwriting certain income components such as overtime, bonuses, and commissions, reasons for any major changes in income and employment, etc). Ultimately, you want to both enhance the employee’s client experience, and exploit information and insights from appropriate sources, particularly employers, to be able to underwrite and approve more of the right clients and grow your business better than your competitors.

Is there an instant VOI/VOE solution?

Yes, there are instant Verification of Employment (VOE) / Verification of Income (VOI) solutions available most notably The Work Number (TWN). However, no current solutions are sufficient. Even TWN which has accumulated the largest share of payroll records does not cover a substantial number of employers. Employment in the U.S. is fragmented wherein smaller businesses employ just under half of the private workforce and public employees are similarly disaggregated.

Aggregating payroll provider information has been hindered by the lack of consistent data standards and complicated by the fact that the ultimate owner of the payroll data is the employer on behalf of their employees who can be reasonably concerned and reluctant about storing their sensitive information in third party repositories. Moreover, information from TWN and other smaller third-party repositories may also be insufficient for all VOE/VOI needs.

Leveraging bank account information can be useful but has been hindered by the inherent data limitations (e.g., income breakdown and detail of direct deposit, available history). Furthermore, current technical implementation typically requiring personal banking credentials have also deterred consumer adoption especially in our current environment of heightened cybersecurity and privacy.
So, there are no proverbial silver bullets and solutions will realistically need a “waterfall” approach tapping different sources of income and employment information based on specific business requirements. If you want to serve all consumers and not just those who happen to work for employers on TWN, your VOE/VOI process will realistically be messy and complex.

Can we just do Verification of Income (VOI) ourselves?

Yes, you can certainly handle Verification of Income (VOI) internally. If you have been, you are most likely realizing that VOI is actually quite messy and complex especially given the very fragmented nature of employers in our country with their diverse and shifting processes, policies, and requirements for responding to VOI requests. Moreover, you will not realistically be able to do it better, faster, and cheaper than a specialist with deep experience, optimized process, technology tools, and employer intelligence. So, by outsourcing to the right partner, you could free up your time and resources spent on Verification of Income and redirect them to your other more pressing business needs.

Why should I choose Veri-Tax to help me with Verification of Income (VOI)

Veri-Tax is a leading national verification services specialist with over 20 years of experience. Our focus, culture, and innovation ultimately differentiate us.

Unlike our competitors with more diffused if not distracted focus, we have been sharply focused on continuously strengthening our leadership position, innovating our products, and deepening our expertise in Verification of Income (VOI). We are disciplined in our focus choosing to specialize in services where we can deliver competitive advantage if not achieve market leadership. We trust in the sophistication of our customers to unbundle and wisely select the “best in class” services like ours.

Our culture is rooted in our seven core values: Deliver customer and employee happiness, Wear any hat, Overcommunicate, Value others and eat humble pie, Innovate and embrace change, Make lemonade, and Laugh out loud every day. Our cultural values ultimately guide and energize our strategy and execution on each and every order every single day to satisfy if not delight our clients. And, we help our clients protect their marketplace brand with the employees and their employers.

Our disciplined focus and differentiated culture fuel our innovation as we have continuously advanced our technology-enabled, data-driven, process-optimized, and “customer and employer happiness” delivered solution. We have been relentless in accumulating employer intelligence data from each and every transaction, enriching our technology tools, re-engineering our process, and developing our talent to advance our VOE/VOI solution.

Our track record ultimately speaks for itself as we have been fortunate to have earned the trust and confidence of over 1,000 clients which include some of our nation’s largest financial institutions including 3 of the top 5 banks, leading mortgage lenders, innovative fintech players, and smaller mid-market banks and credit unions.