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Automated Income Verification

Lenders Get Independent Income Verification

CARLSBAD, Calif. - (May 5, 2009) BasePoint Analytics, a leading provider of scientific fraud and risk analytic scoring solutions, today announced record growth in their newly enhanced Income Verification Service. Since launching the industry’s first and only completely automated 4506-T services late last year, BasePoint is increasing the volume of requests it handles each month by over 100 percent, signifying that income verification is becoming a critical component of mortgage lending. Lenders and now servicers providing loan modifications are requiring borrowers to allow an independent verification of borrower’s income claims.

BasePoint’s Income Verification Service allows lenders and servicers the quickest, most affordable way to gain confidence in a borrower’s income by validating the income directly from that borrower’s IRS tax filings including the retrieval of borrower tax returns and W-2 transcripts. BasePoint released the service in response to the mortgage industry’s desire to quickly and confidently verify a borrower’s income through outside and independent means. Most recently BasePoint has enhanced the service to allow direct integration with servicers’ platforms to provide automated requests and returns. With this advanced automation, BasePoint has signed up one of the largest servicers in the country with the solution. The mortgage loan servicer will use BasePoint’s service to process income verification on all of their loan modifications.

“BasePoint’s Income Verification Service unique approach at automating the request and retrieval of IRS documents allows servicers to expedite the process of verifying a customer’s income so that they can modify the loans quickly,” says Tim Grace, President and CEO of BasePoint Analytics. “Independent income verification is a key component to a servicers increase in overall success rate of loan modifications. Servicers are choosing BasePoint because we have the quickest and most affordable way to verify income in the market.”

BasePoint has enhanced the Income Verification Service and can now provide transcripts to servicers and lenders up to four times faster than before. Lenders no longer have to rely on manually faxing or filling out online forms to get income verification, rather they can query their systems to see which loans need it and then send the authorization and request directly to BasePoint’s Server. The automatic server operates 24/7 and queues new requests to the IRS in batches moments after they are received. This automation helps lenders get their IRS transcripts back much faster than before.

BasePoint’s Income Verification Service provides servicers and lenders with many benefits including:

Automated electronic transmission of client transcript orders places BasePoint user requests into the IRS queue
Industry-leading automated retrieval system which sends e-mail with a link to the report, resulting in instantaneous user notification and access to requested transcripts
On-line tracking system allows requests and results to be monitored or retrieved at any time
Real-time monitoring enables management to check status of all user transcript activity
Enhanced and streamlined error checking to reduce the number of IRS rejects that are caused by forms that are filled out incorrectly or missing key pieces of information

SOURCE: BasePoint Analytics

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