RealEC Technologies Inc., a provider of collaborative network solutions to the mortgage industry, has announced the addition of new income verification services to its RealEC Collaborative Partner Network (CPN), the 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. The borrower's income is confirmed directly with the Internal Revenue Service (IRS) by uploading the signed IRS 4506-T form (Request for Transcript of Tax Return) electronically through the RealEC interface. LPS Applied Analytics then securely delivers a report from the IRS. The integration into RealEC will continue to advance efficiencies and delivery timelines within the income and identity verification process.
"Lenders are facing all sorts of challenges today with increased regulations, growing fraud and changing best practices," said Ted Jadlos, senior managing director of LPS Applied Analytics. "We make it easy to verify identity and income--a necessity before funding a loan. Now, it's even easier to access these solutions via the RealEC platform, the leading collaborative vendor platform to access origination services."
"Income verification services have become critical to lenders' operations to enable effective underwriting, and to ensure that loan quality standards are met," said 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."
For more information, visit www.realec.com or www.lpsvcs.com.