National Credit-reporting System Inc. (NCS), a consumer reporting agency, has released its TRV Cash Flow Analysis Report solution.
According to NCS, the solution integrates Internal Revenue Service (IRS)-direct data about a borrower's income into Fannie Mae 1084 worksheets and helps lenders meet upcoming Consumer Financial Protection Bureau (CFPB) requirements by more easily documenting and calculating a borrower's ability to pay.
NCS says the TRV Cash Flow Analysis Report is modeled after the Fannie 1084 worksheet. The report organizes verified tax-transcript data directly from the IRS – automatically filling in fields within the 70-line document used in determining self-employed income for loans submitted to Fannie Mae – saving the underwriter time and the lender money, according to NCS.
NCS says the Fannie Mae 1084 worksheet provides space for lenders to document two years of borrower income, but NCS' report can furnish a third year of data, which can help lenders identify any recurring items, the company says. The data is returned to the lender in a PDF format within 24 to 48 hours, and clients have the option of ordering the report through online signing rooms that are part of NCS' new electronic signature and delivery platform, according to the NCS.