Cogent Road, a provider of Internet-based applications for the mortgage industry, has launched a new feature in Funding Suite, its credit management platform, that enables loan originators to quickly and securely retrieve borrowers' tax documents online from the Internal Revenue Service (IRS).
According to Cogent Road, the greatest benefit of this feature to borrowers and originators is a faster approval process, especially if potential borrowers have misplaced their W2, 1099 or 1040 tax forms over the years. By locating and including tax information at the beginning of the origination process, potential borrowers can avoid later delays due to missing income documentation.
This feature provides mortgage originators with a more streamlined origination process. Accessing tax documents online in a tamper-proof PDF format is much faster and more secure than faxing or e-mailing, the company says. Security features include 128-bit encryption by Cogent Road and direct access from the Funding Suite platform to the IRS without third-party intervention. Tax information provided through Funding Suite is reusable and easy-to-store, and it can be used for secondary verification to prevent mortgage fraud.
Source: Cogent Road