DataVerify Reports Significant Growth
For Immediate Release
DataVerify Reports Significant Growth in its Automated 4506T Processing as
ST. LOUIS, Mo. (Oct. 22, 2010)— DataVerify has seen a 42% increase in 4506T processing requests in the last six months, a sign that more clients are seeking the benefits of a fully automated verification and review process. DataVerify’s automated enterprise-wide system is enabling lenders to dramatically reduce tax transcript review time, while detecting fraud before the loan is funded.
DataVerify’s 4506T service, which is integrated within the DRIVE® platform, allows lenders to order a borrower’s tax return, analyze the data, and compare the tax return information with the borrower’s mortgage application. The system pre-populates the Comparative Analysis and Self-Employed Borrower’s Analysis, saving even more time. Finally, the system provides alerts that indicate when the borrower-stated information differs significantly from the IRS tax return. This level of time-saving automation is only available through DataVerify.
Spurred by the increase in mortgage fraud and pressure from investors to implement best practice recommendations, lenders are turning to verification tools like DataVerify’s 4506T service and its DRIVE® platform. “The industry has been under attack from a variety of fronts in recent years, especially in the area of loan quality,” said Kent Johnson, Vice President of DataVerify. “Lenders are recognizing that they must take greater precautions during the underwriting process to eliminate the potential for fraud, which often leads to costly repurchase requests.”
According to research conducted by DataVerify, a significant number of consumers overstate or falsify information on their mortgage application:
In addition, 7.36% of all borrowers have experienced an income decrease of 20% or greater over the past two years.
Combining DataVerify’s 4506T service with the other verification and fraud management tools contained in the DRIVE® platform gives lenders a powerful comprehensive defense against all types of fraud and misrepresentation. “DataVerify’s DRIVE® platform greatly enhances productivity allowing lenders to make quality lending decisions in a fast, efficient manner,” said Johnson. “DRIVE® identifies potential fraud before the transaction reaches the closing table. Stopping fraud before it occurs goes a long way toward improving a lender’s profitability.”
For more information, contact DataVerify at 866-895-3282.
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