Indecomm Global Services
and Advanced Data
have announced a technology integration alliance, enabling mutual clients to digitally use tax return transcripts through IncomeGenius, Indecomm’s Web-based income analysis platform using Advanced Data’s Income Tax Verification (ITV) service. That data is then combined with other borrower income data from the OCR capabilities in IncomeGenius to create a complete income analysis.
“At its core, Indecomm is working to apply advanced technologies and data from sources of truth in the most critical phases of the mortgage business, especially underwriting,” said Rajan Nair, CEO of Financial Services for Indecomm Global Services. “These are bottlenecks in the mortgage origination process and overcoming these constraints can enhance the efficiency of the entire system.”
IncomeGenius enhances the loan origination process, reducing tax return review time by as much as 50 percent. It simplifies the task of calculating income by using OCR-enabled technology, and now offers digital transcripts to provide a complete picture of a borrower’s income. The system can read and analyze borrower income documents and calculate qualifying income associated with the mortgage loan in a consistent manner. IncomeGenius alerts users of possible red flags to allow preemptive intervention.
“We highly value partnerships with companies like Indecomm Global Services and recognize that providing lenders a cost-effective, automated product that verifies a borrower’s ability to afford a mortgage is critical, or lenders might be exposed to unnecessary risks and compliance headaches,” said Allen Johnson, CEO of Advanced Data Corporation. “Proprietary technology and our unparalleled level of customer service in our ITV division makes this integration with IncomeGenius one that eliminates a pain point that has undermined productivity and is an important advancement for our industry.”