Credit Plus recently introduced FACTCheck, a new “fact checked” report that can be added to IRS 4506-T orders.
The report provides lenders with an overview of income reported to the IRS, calculates and summarizes historical income, and determines income stability. It also tests for compliance with ability-to-repay rules and identifies what further action and any additional supporting documents, if any, are needed.
By adding this product to 4506-T orders, lenders can accelerate their processes to just minutes per loan, eliminate manual underwriting errors and show that due diligence was performed, which assists with the sale of loans to the secondary market, the company says in a release.
“FACTCheck streamlines the tax transcript analysis process into an auditable format, which helps lenders speed up, standardize and document their underwriting process,” says Greg Holmes, national director of sales and marketing at Credit Plus. “The report offers our customers a way to improve their income quality analysis and results while reducing their legal and repurchase risks.”