Rapid Reporting began by offering income 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. The company established a 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.

About IncomeChek

Online income verification process that provides an efficient and cost effective means to verify an individual’s income from the IRS with Form 4506T. Over 60% of all mortgage fraud includes income or identity misrepresentations.

Benefits

• Produces tax transcripts in as little as 24 to 48 hours
• Reduce risk exposure by verifying the accuracy of income data provided by the borrower
• Eliminates careless mistakes that result in IRS rejections and applicants with less than accurate financial information
• Allows lenders to expedite the underwriting process
• Decreases loan processing time and increases efficiency
• Detects potential fraud and reduces the risk of repurchase demands
• Generates email confirmations when faxed documents are received and results are posted

Options

Choose a report that fits your needs:

• 1040 – For personal tax transcripts
• 1065, 1120, 1120S – For corporate and business tax transcripts
• W-2 Information – Employer reported financial data
• 1099 – Payments made to an individual or company for services provided
• K-1 Information – Partnership reported financial data
• Stated Doc – Requires a 4506T, but only reveals confirmation of filing for specified years, and existence of Schedule C and/or E
• Stated Income – Requires a 4506T, but only reveals confirmation of filing for specified years, existence of Schedule C and/or E with a minimal income level stating the borrower reported income greater than or equal to XXXXX”

About DirectChek

An online, multi-component identity verification tool that provides information retrieved from over 15 billion records retreived from public and private databases. The Social Security Administration (SSA) confirms the authenticity of the borrower’s Social Security number. DirectChek is designed as a pre-funding definitive verification to be used to start the underwriting due diligence process with order entry and results posted on a secure web-based portal.

Benefits

• Definitive results from SSA verifying issuance of a Social Security number to an individual while other companies only monitor the usage of a Social Security number
• Includes public database information about the borrower and usage of the borrower’s Social Security number
• Meets “Know Your Borrower” requirements for USA Patriot Act compliance
• Prevents wasted underwriting manhours on borrower’s with misrepresented identification
• Generates email confirmations when faxed documents are received and when results are posted

Features

• Social Security Check: provides a match/no match of the authorized Social Security number, name, and date of birth to the Social Security Administration database
• Death Master Check: provides a match/no match of the SSN to the SSA Death Master List
• OFAC Check: provides a match/no match of the name on the list of known terrorists, money launderers, or drug traffickers as provided by the US Treasury Department’s Office of Foreign Assets Control
• Credit Header Information: Provides additional names and aliases associated with the Social Security number, date and state of issuance, previous addresses with reporting dates, date of birth, drivers license and telephone information if available, and names of other individuals that have used the borrower’s Social Security number with the number of times they have used it
• A tri-merged credit header report obtained from Experian, Equifax, TransUnion, and proprietary databases that the bureaus are prohibited to use