Rounding Up Mortgage Fraud

Fort Worth, Texas-based Rapid Reporting is a national provider of pre-funding income and identity verification products for financial institutions to help combat fraud.

64% of all mortgage fraud is income or identity related.

Rapid Reporting offers income and identity verification to the mortgage industry. The company demonstrated to the Internal Revenue Service (IRS) the need to take income verification from a post-funding tool to a pre-funding tool to help decrease the occurence of fraud during the loan process. Rapid Reporting has an established program with the IRS that enables lenders to obtain tax transcripts directly from the nation’s tax collection agency. Rapid Reporting became a leader in the process by bringing tax transcripts to the mortgage industry within 24 to 48 hours for verification of income. According to the IRS, Rapid Reporting is the largest income verification vendor to the mortgage industry.