Income Verification | 4506-T
The automated hosted Income Verification Service enables clients to obtain verification of borrower income in industry-leading response time. Developed in response to lender and servicer requests for quicker turnaround on IRS 4506-T transcripts, the Income Verification Service includes a real-time tracking system for monitoring each transcript request from the time of submission through receipt and viewing of the transcript, and gives managers the capability to view the status of all user transcript activity so loans can be funded and/or modified more promptly.
The Income Verification Service automates each step in the process to obtain the 4506-T transcript. Clients can elect direct integration into the automated system for processing requests throughout the day or in daily batch mode. Additionally, on-line data entry of the transcript request and automatic creation of the cover sheet can be done via our secure website. System-generated e-mails provide instantaneous notification to the user when the transcript request is received and when the report is available, with a link directly to the report on a secure system. Providing an affordable and independent way to gain confidence of borrowers’ income, the Income Verification Service takes performance to the next level, achieving unique automation in interfacing with the IRS to retrieve transcript reports as soon as they are available. The complete automation of the solution streamlines the entire process, providing best-in-class income verification. Lenders and servicers can cost effectively and independently validate the income for borrowers, protecting them from fraud and default risk. Clients using the service benefit from the quickest, most reliable 4506-T income verification available.