Tax Return Verification
Please visit Equifax.com for more information about these products.
Mortgage fraud continues to rise, with identity fraud and employment/income fraud among the areas of most risk. Open FBI mortgage-fraud cases also have increased steadily over the past seven years, from fewer than 500 in all of 2003 to more than 3,000 in mid-2010.
Tax return verification (TRV) is important for risk mitigation, but mortgage lenders know performing income verification directly with the Internal Revenue Service (IRS) can take days. Even then, the IRS Tax Return Transcript doesn’t show amended data or all the tax-paying history for the mortgagee.
CSC offers the TRV® fraud detection solution by NCS/Credit Central to help lower mortgage loan risk by providing a total income verification source as well as Positive ID from the Social Security Administration. TRV includes a Web link to CSC experts who access the IRS files on the mortgage lender’s behalf, providing a quicker response time over direct IRS verification.
TRV services are approved by Freddie Mac as a third-party source in its Seller/Servicer Guide for income verification. In addition, TRV meets Fannie Mae’s and other investors’ guidelines for income verification.
A Faster Way to Verify Tax and Income Statements
TRV validates the authenticity of tax return or other income information claimed by an applicant through a Federal tax return. TRV also provides verification of whether or not the Social Security number on the IRS request form was issued to the named borrower, along with business reports and copies of W-2s and 1099s. Clients can choose to review tax information over the previous four-year period.
CSC offers access to TRV through an automated process or through fax. With the automated process, CSC provides your organization a unique account number to access the NCS Web site, and sets up your users with their own logins. Users request a TRV by logging in, entering tax information and completing an order.
Your verification order is returned to you via the Web site. Status and delays in service are also posted there. Verifications typically are returned within 24 to 72 hours.
Why You Should Order TRV Through CSC:
- Fraud prevention
- Competitive pricing
- Batch processing
- Combined billing with other CSC products
