Veri-Tax Presentation

Verification Services & Solutions
Veri‐Tax’s unbiased, third‐party verifications quickly identify consumer misrepresentation and verify a consumer’s Ability‐to‐Repay. By utilizing the industry’s most advanced technology, Veri‐Tax gathers the necessary documentation to streamline a loan’s funding, accelerate underwriting decisions, and improve the overall customer experience.
• Retrieve borrower’s income tax transcripts via IRS Form 4506‐T processing.
• Verify borrower employment and salary history directly with past and present employers.
• Verify borrower’s identity with direct access to Social Security Administration and other public databases Verification of Income
Verification of Identity
Verification of Employment
Verification of Accounts
• Electronically verify a consumer’s account data from nearly any financial institution. 2
Verification of Income
Veri‐Tax provides the industry’s fastest and most secure method of Form 4506‐T processing, delivering a borrower’s previous years’ tax return transcripts directly from the IRS. Key Product Features
• 98% of tax return transcripts electronically delivered within 24‐48 hours
• Automated interface with the IRS to expedite delivery of tax return transcripts • Highly secure environment and communications to protect NPI/PII data
• Up to four past years available:
— Individual / corporate returns: 1040, 1120, 1065
— Wage and income data: W‐2/1099
— All schedules
4506-T Income Verification
Ordering Tax Transcripts
• Veri‐Tax’s web portal and integrations provide an automated, efficient ordering and delivery process
• 4506‐T e‐sign is now available, helping to streamline the order process and reduce rejection rates!
Processing Tax Transcripts
• Veri‐Tax provides a thorough and streamlined ‘QC’ check before sending the 4506‐T to the IRS to minimize IRS rejections and lower cost
• Email confirmations and notifications are sent to the customer at each step of the process • Veri‐Tax returns 98% of tax transcripts within 48 hours
Tax Transcript Summary Sheet
Summary page coversheet highlights key line items
The previous 4 tax years available
IRS tax transcripts delivered in .PDF
4506-T E-Signature
4506‐T e‐sign streamlines the income verification process and reduces rejection rates!
Two e‐signature options:
Option 1: Use e‐signatures through Veri‐Tax’s e‐sign solution
Option 2: Use your existing e‐sign vendor • *Must be approved as an authorized vendor by Veri‐Tax
E‐Sign Process:
Once a user creates a 4506‐T order online, the borrower will be sent an email notification to e‐sign the 4506‐T. Once signed, Veri‐Tax sends the order to the IRS. •
Since the form is completed and approved by the borrower with the highest form quality, the IRS can easily complete the order within 24‐48 hours. 6
Identity Verification
Veri‐Tax offers three Social Security Number Verification reports:
Complies with Red Flags Rules and U.S. Patriot Act Stops fraudulent loans from getting funded
Reduces verification time frames and costs
SSN Match
SSN Deluxe
SSN Prime89
SSN Complete
Instant verification of a
Social Security Number
sourced from credit headers,
public records, and partial
social security data.
elements associated to an
SSN including all names and
previous addresses sourced
from credit headers and
public databases.
Form SSA‐89 processing verifies SSNs directly through the Social Security
Administration database,
reporting 100% accurate results.
SSN Complete™ is an one all‐
encompassing verification that includes a search of multiple US Patriot Act databases for a possible SSN match.
• Verification matches
borrower’s name & SSN • Results are “Match” or “No Match”
• Report is returned instantly
• No faxing or uploading of signature release required
• Verifies if the SSN is valid with “Yes” or “No” result
• Reports year and state the SSN was issued
• Indicates if SSN s in the “death index”
• Lists names and addresses associated with the SSN
• Provides “Match” “No Match” or “Deceased” result
• US Patriot Act Compliant
• Fulfills FACTA Red Flag
Rule requirements
• Requires borrower’s consent on Form SSA‐89
• Combines all features of SSN Match, SSN Deluxe, and SSN Prime89.
• Searches US Patriot Act compliance databases: OFAC, FBI Most Wanted, Excluded Parties Lists, etc. • Requires consent
Instant SSN Verification Reports
Form SSA-89 Processing Reports
Verification of Accounts
Veri‐Tax’s Verification of Accounts (VOA) provides instant, automated electronic financial statements from nearly any institution. Through a secure web‐based platform, a verifier can get up to three months of a consumer’s transaction details and access to flexible reporting tools.
• Key Features
• 24/7 online access
• Alerts unusual activity • Account monitoring options (30, 60, 90 Days)
• Electronic consumer authorization
Veri‐Tax VOA
General Features
One Fee per Financial Institution
One Fee per Consumer
Enhanced Credit Risk Management
Real‐Time Information
Secure Third‐Party Verification
Report Analysis
• Flags undisclosed consumer debt
• Reports all account activity and average balances
• Key Benefits
• Access to over 14,000 financial institutions
• Equivalent to printed bank statements
Balances‐ Historical & Current
Account Activity Summary
Cash Flow Calculations
Account Transactions Analysis
Fraud Mitigation
Account Owner Verification
Direct Deposit Verification
Rule Based Alerting
Suspicious Activity Identification
• Mitigate risk of fraud and inaccurate income interpretation
• Gathers asset and liabilities information to estimate net worth or debt‐to‐income ratio
Verification of Accounts
How VOA Works
•Creates a requests for a Verification of Accounts for an investor
•Veri‐Tax sends email request to investor
• Investor registers and provides account authorization
•Veri‐Tax verifies and monitors accounts and then generates detailed reports
•Crowdfunding platform receives real‐time verification of an investor’s deposit and asset reports
Verification of Accounts Reports
Verification of Accounts delivers detailed consumer account activity, to confirm whether or not the consumer meets an asset verification threshold. Verification Report Data:
Account Summary: Reports account balances and suspicious activity flags on all the verified accounts, delivering a combined overview of the consumer’s financial standing.
Account Detail Report: Equivalent to a digital bank statement, displaying all investor transactions, direct deposits and interest paid up to 90 days. •
Verification of Deposit: Generated for each financial institution. Reports deposit account balances and details any outstanding loans recognized by the system.
Verification of Employment
Veri‐Tax’s VOE process securely completes detailed employment verifications and reports salary
data, so that lenders can approve loan funding or credit increases with confidence.
 Trusted verification results
• Well qualified and persistent staff performs all employment verifications in‐house, delivering unbiased third party results
Detailed status updates
 Collects all available salary data
 Fast Results
Reports order status and projected completion time • Fannie Mae Form 1005 returned with salary history, hire and termination dates, bonuses, commissions, and probability of continued employment • Typically verified within 72 hours
Verification of Employment Report
Our Partners
Mortgage Integrations
3rd Party Verification/Document Management
Value Proposition
Partnering with Veri‐Tax enables our customers to maintain the lowest risk profile in the industry
Remain Compliant and Prevent Fraud
• The Veri‐Tax Ability‐to‐Repay Verification suite is complaint with the CFPB
requirements and fulfils the Dodd Frank QM/Ability‐to Repay rules • Veri‐Tax’s third‐party verifications deliver accurate and unbiased borrower data
Improve Efficiency with Ease of Ordering
Multiple IRS processing centers reduces •
System integration based on customers’ business rules and order processes
Government Compliance meets Fannie Mae, Freddie Mac, and OFAC requirements
• Core Value is Delivering Customer Happiness
Customer Happiness Team addresses day‐to‐day order entry and processing inquiries •
Customer Happiness is Veri‐Tax’s key differentiator and priority #1
Veri-Tax Contact Page
Michael Negley
Senior Account Executive
[email protected]‐
Customer Happiness Team
[email protected]‐
6 am PT – 5 pm PT
Veri‐Tax, LLC
30 Executive Park, Suite 200 Irvine, CA 92614