Indecomm’s IncomeGenius Now Integrated With Advanced Data’s Income Tax Verification Service

Posted by Patrick Barnard on May 25, 2017 No Comments
Categories : Residential Mortgage

In case you didn’t notice, integrations among software platforms of all types are running rampant through the mortgage industry. And, in many cases, these integrations are creating opportunities to automate processes, reduce errors and gain new operational efficiencies.

Such is the case with the new integration between Indecomm Global ServicesIncomeGenius income asset verification software and Advanced Data’s income tax verification 4506-T service.

This integration provides mutual clients with efficient access to digital tax returns and, thus, brings additional efficiency to the mortgage underwriting process.

Basically, users of IncomeGenius can seamlessly access tax records data via Advanced Data’s income tax verification service without having to leave the IncomeGenius interface.

The tax data is then combined with other borrower income data from the optical character recognition (OCR) capabilities in IncomeGenius to create a complete income analysis.

“At its core, Indecomm is working to apply advanced technologies and data from sources of truth in the most critical phases of the mortgage business, especially underwriting,” says Rajan Nair, CEO of financial services for Indecomm, in a release. “These are bottlenecks in the mortgage origination process, and overcoming these constraints can enhance the efficiency of the entire system.

“Working with Advanced Data allows us to provide an easy, efficient and quick way to order tax return data, which is crucial in income analysis,” Nair adds. “This integration adds another level of efficiency to IncomeGenius, making it even more desirable for lenders seeking ways to lower costs and increase profits through the use of technology.”

Indecomm claims IncomeGenius can help originators reduce tax return review time by as much as 50%. It simplifies the task of calculating income by using OCR-enabled technology and now offers digital transcripts to provide a complete picture of a borrower’s income.

The system can read and analyze borrower income documents and calculate qualifying income associated with the mortgage loan in a consistent manner. IncomeGenius alerts users of possible red flags to allow preemptive intervention.

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