Verifying your applicants’ income has never been easier! – In as little as two business days, you can have personal or business tax transcripts delivered directly to you from the IRS!

Minimize risk of fraud by verifying all applicant information is accurate and complete!

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.

Get loans approved faster by not having to wait the traditional 60 days for the IRS to mail the documents. We deliver the same information directly to you within two business days!

Income Verification features:

• Tax transcripts in as little as 24 to 48 hours.
• Personal or business reports: tax transcripts, Stated Doc, W-2, 1120s, 1065s or 1099
• Produces additional personal or business tax transcripts for amended returns and IRS payments status or account status
• Information comes directly from the Internal Revenue Service (IRS) to verify the accuracy of income data provided by the borrower
• Results are provided in PDF format allowing lenders to expedite the underwriting process
• Detects potential fraud and reduces the risk of repurchase demands
• An email confirmation automatically notifies you when results are posted

Benefits:

• Enables income verification to be used on a pre-funding basis, where it is most effective
• 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
• Expedites the underwriting process
• Decreases loan processing time and increases efficiency
• Detects potential fraud and reduces the risk of repurchase demands
• Saves time and transmission costs by sending email notifications for status and results

Report Options (choose a report that fits your needs):

• 1040 – For personal tax transcripts
• 1065, 1120, 1120S – For corporate and business tax transcripts
• Account Transcripts - Contains information on the financial status of the account, such as payments made on the account, penalty assessments, and adjustments made by you or the IRS after the return was filed. Return information is limited to items such as tax liability and estimated tax payments. Account transcripts are available for most returns.
• Record of Account – Provides a combination of line item information and later adjustments to the account. Available for current year and three prior tax years.
• W-2 Information – Contains employer-reported financial data
• 1099 – Relays payments made to an individual or company for services provided
• K-1 Information – Provides 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”

Contact customer service at 800-922-1301 for more information today!