According to the CoreLogic 2022 Mortgage Fraud Report, income fraud risk increased 27.3% Q2 2022 compared to Q2 2021.
Fannie Mae also reports income and employment fraud as more than 50% of their investigative findings in the last year.
- Fabricated income documents (Paystubs and W-2’s)
- Interested parties to the transaction posing as employers
- Falsified bank statements showing direct deposits
In today’s environment, we find lenders are looking for ways to cut costs and bringing the VOE/VOI process in house. This poses a big risk opening the lender to a repurchase.
- Below are a few ways Veri-Tax can help you mitigate risk of consumer misrepresentation.
- Consumer permissioned payroll data sourced from payroll provider
- Independently validate employer through trusted 3rd party sources
- Intelligent employer database of 4 million HR/Payroll records
- Digital VOE platform for employers to complete verifications electronically and securely
CONTACT US TO LEARN MORE ABOUT HOW VERI-TAX CAN HELP MITIGATE RISK!