Survey finds RESPA changes are top compliance concern for lenders

Survey finds RESPA changes are top compliance concern for lenders

May 4, 2009

Lenders One and Rapid Reporting team for income verificationMortgagePress.comLenders One Mortgage Cooperative, Rapid Reporting, income verification, Form 4506-T, W-2, Request for Transcript of Tax Return
Lenders One Mortgage Cooperative, a national alliance of
mortgage bankers, has entered into an agreement with Fort Worth,
Texas-based Rapid Reporting, a provider of pre-funding income and
identity verification products for the mortgage industry. The
partnership will provide cooperative members with more aggressive
pricing and quicker turn times on Form 4506-T requests with Rapid
Reporting's IncomeChek product.
IRS Form 4506-T, Request for Transcript of Tax Return, is a
quality control check used primarily in mortgage lending to
evaluate the borrower's creditworthiness by verifying the income
stated on the loan application.
"Today's lending environment is about improving efficiencies
while reducing costs, all to ultimately increase a company's return
on investment," said Luke Pille, Lenders One director of national
programs. "Our members are making more Form 4506-T orders as
investors are requiring such documentation. Rapid Reporting, which
focuses on the mortgage industry, understands the evolving need of
lenders and offers the tools they need to operate in a more cost
effective, efficient manner.
With Rapid Reporting as a preferred vendor, Lenders One members
are provided with premier pricing, security features that meet or
exceed all levels of requirements for maintenance of data
integrity, as well as superior customer service."
IncomeChek is Rapid Reporting's Web-accessible income
verification tool that is directly interfaced with the IRS to
confirm and verify borrower income against tax return, W-2 and 1099
data. It produces personal (1040) or business (1120 or 1065) tax
transcripts in as little as 24 hours, and it will save Lenders One
members time and money as pre-screening mechanisms eliminate
invalid IRS forms and fraud detection tools work to reduce the risk
of repurchase demands. IncomeChek provides results in a data
format, enabling members to automate their underwriting processes
in addition to decreasing loan processing times with the removal of
human errors, which will increase operational speed and
"We feel as though we are an extension of the Lenders One
network, not just a third-party vendor," said Jay Meadows, Rapid
Reporting president and CEO. "Lenders One has members in all 50
states, and each of these lenders demonstrates the utmost integrity
in wanting to eliminate fraud and improve their reporting
processes. With Rapid Reporting, they can feel confident in their
efforts to prevent fraudulent information from being used."
Pille continued, "At Lenders One, we ensure that our partners
provide the type of services that will enable our members to be
successful in their business. They can be confident in Rapid
Reporting's system redundancies and secure channel transmissions,
and the availability as well as the knowledge of its support staff
to assist them with any of their needs."
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