Demand for Income Verification Services Surge
Fraud and risk analytic solutions provider BasePoint Analytics experienced "record growth" in their newly enhanced Income Verification Service, the company said today. Since launching what BasePoint claims is the industry's first and only completely automated income verification service late last year, the company is increasing the volume of requests it handles each month by more than 100%. Income verification seems to be climbing the latter of importance for underwriters. BasePoint's service allows lenders and servicers to prove income by validating the income directly from that borrower's IRS tax filings including the retrieval of borrower tax returns and W-2 transcripts. BasePoint says it released the service in response to the mortgage industry's desire to quickly and confidently verify a borrower's income through outside and independent means. Most recently, BasePoint enhanced the service to allow direct integration with servicers' platforms to provide automated requests and returns. With this advanced automation, BasePoint says it signed up one of the largest servicers in the country with the solution. The enhanced service can also provide transcripts to servicers and lenders up to four times faster than before. "Lenders no longer have to rely on manually faxing or filling out online forms to get income verification, rather they can query their systems to see which loans need it and then send the authorization and request directly to BasePoint's Server," the company said in a press release Tuesday. The automatic server operates 24/7 and queues new requests to the IRS in batches moments after they are received. Write to Kelly Curran at firstname.lastname@example.org.