What is Veri-Fy™ ?
Veri-Fy™ is the perfect solution for correspondent lenders eager to re-verify income data fast! In conjunction with the increases in lending compliance rules, Veri-Tax’s Veri-Fy™ is an instant way to prove the submitted tax transcripts by brokers, primary lenders, and other financial entities are direct from the IRS.
Veri-Fy™ Product Highlights:
Veri-Fy™ authenticates that every IRS tax transcript has been delivered directly from the IRS database. Underwriters, lenders, and financial institutions can now perform their own due diligence by instantly re-verifying submitted income data on Veri-Tax’s secure online platform.
- Instantly delivers authentic IRS tax transcripts previously processed by Veri-Tax
- Reduces risk related to authenticity of income data
- Unique authentication code secures all transcript requests
- Easy to interpret results
The order number and authentication code placed on the transcript summary page grants access to original borrower income tax transcripts processed by VeriTax, without the time and cost of processing a new 4506-T. Loans can be securely bought and sold with accurate and verified income data, helping prevent fraud and mitigate risk throughout the lending process.
How Veri-Fy™ Can Help You
XYZ Lending Corporation underwrites loans submitted by wholesale lenders, internal loan officers, brokers, and other organizations within the mortgage industry. In order to prevent income fraud by borrowers and mortgage insiders, XYZ processes the 4506-T again, even when tax transcripts are already included in the submitted loan documents. Once the newly requested transcripts are returned, the old and new income data is compared. This takes time, adds additional costs, and can create discrepancies in finalizing loans for purchase.
XYZ Lending Corporation now uses Veri-Fy to mitigate risk throughout the underwriting process by re-verifying borrowers’ income date directly from Veri-Tax. Rather than relying on the authenticity of tax transcripts submitted in loan documents by wholesale lenders, internal loan officers, and other mortgage organizations, XYZ Lending Corporation accesses the original IRS tax transcripts by entering the unique authentication code on the transcript into Veri-Tax’s secure online platform. The original transcripts are generated and available for download instantly!
It is a fast, easy, and free solution to Veri-Fy™ borrower income data and quickly fund a loan.