It also pulls a tax return verification prior to funding any new loans.
One of the most efficient ways to do this is to utilize tools such as tax return verification reports to confirm t income, and credit reports that screen applicant information against a national database and alert the user to suspicious information or discrepancies in addresses, Social Security numbers and phone numbers.
Credit Plus Inc., Salisbury, Maryland, has announced that mortgage professionals, in today's climate of increased fraud, find significant value in its tax return verification system to validate income and help detect and prevent fraud.
"Lenders are closely examining a borrowers' total income, and many are requiring that a tax return verification report is submitted with applications," he said.
Tax return verification reports compare income-related lines of a borrower's tax return with the same lines on file at the Internal Revenue Service (IRS), and then highlight any discrepancies.
Credit Plus is one of the first companies in the industry to offer fully electronic order and delivery of any tax return verification service, the company said.