Income Verification - 1 Source Data - Credit Reporting Agency, FICO Scores, California

INCOME VERIFICATION

With the increase of technology, statistics show that fraud is increasing at an alarming rate. As borrowers become more adept at altering tax returns and income documentation to obtain a loan, therefore Lender's exposure to income fraud is increasing. The only reliable way to verify tax and income information is to compare the material provided by the borrower with what was actually filed with the IRS.

In any given year, more than half of all fraudulent loans contain falsified tax return and income data. Guard against these losses by using 1 Source Data’s Income Verification services, and receive up to four (4) years of IRS verified data for every prospect. Requesting such information from the IRS would take anywhere between 16 to 60 days to receive the same data. 1 Source Data will deliver the transcripts electronically in just 1 to 3 business days!

Whether you are confirming the income of a self-employed borrower, or an applicant with significant commission income, 1 Source Data’s Income Verification services help in making sound lending decisions. 1 Source Data has now made Fraud Prevention a Pre-Funding possibility.

Income Verification features:
• 24-72 hour turnaround
• Order and retrieve results directly from DataClick
• Single, Joint, or Business Filings
• Up to 4 years of tax returns
• Option of Tax Filing Verification only – useful when only proof of filing is needed
• W2 transcripts at no additional charge

Process:
• Complete required fields under Income Verification and hit “Submit”.
• Press “Print 4506” to print the IRS Form 4506 needed for release of records. The form will be already pre-populated and complete.
• Simply have the borrower sign and fax to the service provider listed. Instructions and fax number will be on the Order Summary page.
• The requested transcripts will be returned via DataClick within 24-72 hours, at which time you will receive an email notification that the order is complete and available for viewing or printing.

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SECURITY NOTICE: Use of this system may be monitored for computer security purposes. Any unauthorized access to this system is prohibited & is subject to criminal & civil penalties under Federal Laws including, but not limited to, the Computer Fraud & Abuse Act & the National Information Infrastructure Protection Act.