As borrowers become more adept at altering tax returns and income documentation to obtain a loan, Lender's exposure to income fraud is increasing. The only reliable way to verify tax and income information is to compare the material provided by the borrower with what was actually filed with the IRS. Use FirstClose’s Income Verification services and receive up to four (4) years of IRS verified data for every prospect. Requesting such information from the IRS would take anywhere between 16 to 60 days to receive the same data. We will deliver the transcripts electronically in just 1 to 2 business days!
The cumbersome responsibility of monitoring the complexities of tax collectors and borrower payment status is a daunting task which requires a tremendous amount of time and effort. Our Tax Tracking Service can remove the burden of monitoring borrowers property tax payments and processing correspondence with the borrower, as well as making sure the tax agencies are paid in a timely manner.
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Income VerificationWhether you are confirming the income of a self-employed borrower, or an applicant with significant commission income, FirstClose’s Income Verification services help in making sound lending decisions.
Key Features
• 24-48 hour turnaround
• Order and retrieve results directly from FirstClose
• Single, Joint, or Business Filings
• Up to 4 years of tax returns
• Option of Tax Filing Verification only – useful when only proof of filing is needed
• W2 transcripts at no additional charge-
Tax TrackingLenders are generally holding loans in more states today than in any other time in history. The cumbersome responsibility of monitoring the complexities of tax collectors and borrower payment status is a daunting task which requires a tremendous amount of time and effort. All across America, potential borrowers are seeing a Tax Tracking Service fee as part of the closing costs on a loan.
Key Features
• Delinquency tax tracking & reporting
• Instant, individual confirmation
• Customized letters to borrowers
Key Benefits
• Save reconciliation time & money with customized reports
• Notices prior to cut-off date - know exactly when to start your tax audit
• Portfolio scrubs for established customers
• Audits portfolio to insure tracking of:
• applicable properties
• verify parcel number accuracy
• eliminate paid loans
• Saves you time and money
• Eliminates lender research, exposure & liability from tax sales
• Personalized assistance reduces stress for you and your staff
• Stage sensitive notification process
• Customizable
• Borrower notifications formatted for your letterhead
• Delinquency notification report
• Streamlined tracking - no extraneous reporting -
Fraud Evaluation ToolsNationwide mortgage fraud losses are at a historical high. Now it’s more important than ever to utilize a sophisticated analytical solution that protects your interests. FirstClose is proud to offer top of the line choices in flip and fraud detection products from leading industry vendors. 24/7 access to a wealth of property and ownership information from the industry’s most comprehensive providers.
Key Features
• Easy-to-use and available today on the FirstClose platform.
• Fast-track loan approvals
• Select the highest risk loans for quality control and due diligence
• Evaluate existing portfolios retroactively for loan quality comparisons
• Instant identification of false information and property over-valuation
• Monitor portfolio performance to aid with loss mitigation and retention programs
LoanIQ™ by First American
LoanIQ™ allows you to instantly identify high-risk loans and reduce overall loan default exposure. The LoanIQ and Market Risk Scores assist you in making a decision based on the level of collateral risk associated with a property and the surrounding neighborhood. LoanIQ identifies red flags that alert you to high-risk signals – such as over-valuation, rapid appreciation, and suspicious transfer activity – then allows you to drill down to examine any red flag in closer detail. Whether you need to assess one loan or thousands, LoanIQ delivers the answers you need fast to make the most informed loan decisions. By running LoanIQ on all of your loans, you can quickly and accurately fast-track low-risk loans and escalate loans with a higher risk of loss to quality control and due diligence.
