Rapid Reporting Named Preferred Vendor For Lenders One Members

Posted by Orb Staff on April 08, 2009 No Comments
Categories : Residential Mortgage

s One Mortgage Cooperative has entered into an agreement with Rapid Reporting to provide cooperative members with more aggressive pricing and quicker turn times on Form 4506-T requests with Rapid Reporting's IncomeChek product. IRS Form 4506-T, the request for a transcript of a tax return, is a quality-control check used primarily in mortgage lending to evaluate the borrower's creditworthiness by verifying the income stated on the loan application. "Today's lending environment is about improving efficiencies while reducing costs – all to ultimately increase a company's return on investment," says Luke Pille, Lenders One's director of national programs. "Our members are making more Form 4506-T orders as investors are requiring such documentation. Rapid Reporting, which focuses on the mortgage industry, understands the evolving need of lenders and offers the tools they need to operate in a more cost-effective, efficient manner." IncomeChek is Rapid Reporting's Web-accessible income verification tool that is directly interfaced with the IRS to confirm and verify borrower income against tax return, W-2 and 1099 data. It produces personal (1040) or business (1120 or 1065) tax transcripts. The companies say the product will save Lenders One members' time and money as pre-screening mechanisms eliminate invalid IRS forms and fraud detection tools work to reduce the risk of repurchase demands. IncomeChek provides results in a data format, enabling members to automate their underwriting processes. SOURCES: Lenders One Mortgage Cooperative, Rapid Re

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