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DataVerify Reports Significant Growth in its Automated 4506T Processing as Lenders Seek to Improve Efficiency
Oct 25, 2010 (03:10 PM EDT)
ST. LOUIS, Oct. 25 /PRNewswire/ -- DataVerify has seen an increase of more than 40% increase in 4506T processing requests in the last six months, a sign that more clients want the benefits of a fully automated verification and review process. DataVerify's automated enterprise-wide system enables lenders to dramatically reduce tax transcript review time, while detecting fraud before they fund loans.
DataVerify's 4506T service allows lenders to order a borrower's tax return, analyze the data, and compare the tax return information with the borrower's mortgage application, all within the DRIVE platform. 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.
Lenders turn to verification tools like DataVerify's 4506T service and its DRIVE platform to deter mortgage fraud and to implement investors' best practices. "The industry has been under attack from a variety of fronts in recent years, especially in the area of loan quality," said Steve Halper, president of DataVerify. "Lenders recognize that they must take greater precautions during the underwriting process to eliminate the potential for fraud, which often leads to costly repurchase requests."
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.
For more information, contact DataVerify at 866-895-3282.
DataVerify is a leading provider of fraud prevention analytics, predictive technology, and decision management solutions for the mortgage industry. Known as a developer of innovative solutions, DataVerify offers a single-source, customizable platform to help streamline loan processing and mitigate lender losses. For more information about DataVerify, call 866-895-3282 or visit the company online at www.dataverify.com.