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Credit Plus Inc. has announced the availability of FACTCheck, a new “fact checked” report that can be added to IRS 4506-T orders. The report provides lenders with an overview of income reported to the IRS, calculates and summarizes historical income and determines income stability. At the same time, FACTCheck tests for ATR compliance and identifies what further action and any additional supporting documents, if any, are needed.
By adding this product to 4506-T orders, lenders can accelerate their process to just minutes per loan, eliminate manual underwriting errors, and show that due diligence was performed which assists with the sale of loans to the secondary market.
“FACTCheck streamlines the tax transcript analysis process into an auditable format which helps lenders speed up, standardize, and document their underwriting process,” said Greg Holmes, national director of sales and marketing at Credit Plus. “The report offers our customers a way to improve their income quality analysis and results while reducing their legal and repurchase risks.”