Cogent Road incorporates online tax information from Internal Revenue Service in Funding SuiteMortgagePress.comcredit management platform, W2, 1099 or 1040 tax forms
Simplifies origination process for borrowers and
Cogent Road, a provider of
Internet-based applications for the mortgage industry, announced
that it launched a new feature in Funding Suite, its credit
management platform, which enables loan originators to quickly and
securely retrieve borrowers' tax documents online from the Internal
Revenue Service (IRS).
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. 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, easy-to-store and can be used
for secondary verification to prevent mortgage fraud.
"There is a growing need for borrowers' tax documents now that
stated income loans have disappeared," said Jennifer Blacker, the
production manager of Homeworx Mortgage LLC located in Edmond,
Okla. "Funding Suite offers us a quick, automated method for
accessing these documents directly from the IRS that is unique to
the mortgage industry."
"We wanted to give originators and their borrowers a less
stressful way to locate and access necessary tax information," said
Alan Baia, managing partner for Cogent Road. "Incorporating tax
forms into Funding Suite in a PDF format that cannot be edited,
copied or pasted provides a useful tool for making the origination
process simpler, faster and more secure."
For more information, visit www.cogentroad.com or www.fundingsuite.com.