RealEC Technologies Inc. says it has added new income verification services to its collaborative vendor platform, RealEC Exchange.
The income verification suite, provided by Lender Processing Services' (LPS) Applied Analytics group, enables lenders to validate a borrower's identity and verify the accuracy of income information provided during the application process, RealEC says.
The borrower's income is confirmed directly with the Internal Revenue Service (IRS) by uploading the signed IRS 4506T form electronically through the RealEC interface. LPS Applied Analytics then securely delivers a report from the IRS.
‘Income verification services have become critical to lenders' operations to enable effective underwriting, and to ensure that loan quality standards are met,’ says Dan Sogorka, president of RealEC Technologies. ‘The addition of the LPS suite of income verification services to the RealEC platform and business model offers our clients the most efficient method of accessing these services available in the marketplace today.’
SOURCE: Lender Processing Services