Industries We Serve – Mortgage

Veri-Tax, the premiere provider of verification and Ability-To-Pay Solutions, helps the mortgage and lending industries meet the raised compliance and fraud detection requirements implemented by the Consumer Financial Protection Bureau (CFPB).

With the Dodd-Frank Wall Street Reform and Consumer Protection Act specifically stating what a Qualified Mortgage (QM) entails, lenders are now required to make a reasonable, good-faith determination before or when consummating a mortgage loan, that the consumer has a reasonable ability to repay the loan. To fulfill the Ability-to-Repay/QM Rule, a creditor must consider the consumer’s income or assets, employment status, debt-to-income ratio and much more.

How Veri-Tax Can Help You:

Veri-Tax provides an array of Ability-to-Repay/QM Rule solutions to ensure mortgage lenders remain compliant with the ever-changing CFBP requirements:

Ability-to-Repay Underwriting Factors:

 Veri-Tax Ability-To-Pay Solutions:

Verify Current or Expected Income

  4506-T Income Verification

  • 48-72 hour IRS tax transcript turnaround time
  • Custom tax transcript summary sheet
  • Online order tracking and multiple transcript delivery options
Verify Current
Employment Status

  Verification of Employment

  • Delivers salary, commissions and bonuses for current and previous years
  • Answers the probability of the borrower’s continued employment
  • Re-verifies current employment right before closing
Gather Data to Determine Debt-to-Income RatioVerify Current or Expected Assets, Monthly Payments on Loans, and Identify Undisclosed Debt Obligations

 Verification of Accounts

  • Instantly retrieves all electronic bank account information
  • Monitors accounts for up to 90 days and flags unusual account activity
  • Reports outstanding loan balances and monthly payments
  • Uncovers undisclosed borrower debt