AutomatIQ® Borrower Tax Transcripts
AutomatIQ Borrower Tax Transcripts, formerly known as 4506-C, is a key component of CoreLogic's mortgage lending solutions. This tool modernizes and streamlines income verification by directly accessing borrowers' tax return transcripts. Critical for ensuring income authenticity, this solution supports mortgage underwriting and loan origination processes. Fully integrated with Encompass, AutomatIQ Borrower Tax Transcripts automates the retrieval and analysis of tax information, improving efficiency, and reducing fraud risk.
Key Features
Income Verification:
Provides an automated solution to verify borrower’s income directly from IRS, ensuring data authenticity.
Fraud Mitigation:
Helps in the early detection of discrepancies in income reported by the borrower, reducing the potential for fraud.
Streamlined Underwriting:
Speeds up the underwriting process by automating the collection and analysis of tax data.
Compliance Support:
Keeps the verification process in line with prescribed standards and compliance requirements.
Why AutomatIQ Borrower Tax Transcripts Matter
This solution offers several benefits that enhance lending operations:
Accurate Income Verification: Provides precise, reliable data for assessing loan affordability and risk.
Improved Loan Integrity: Verified income data improves the quality and integrity of the loan portfolio.
Reduction of Fraud Risk: By verifying income directly from tax transcripts, the potential for income misrepresentation and fraud is greatly minimized.
CoreLogic redefines tax transcript collection by integrating borrower-directed access and alternative methods, such as Form 8821. By incorporating AutomatIQ Borrower Tax Transcripts into lending workflows, lenders can verify income with greater speed, accuracy, and efficiency.
This innovative solution simplifies income verification, accelerates underwriting, and enhances decision-making, ensuring higher loan quality and compliance. With AutomatIQ Borrower Tax Transcripts, lenders gain a competitive advantage in the mortgage industry through streamlined operations, reliable data, and improved borrower experiences.
For more information, visit CoreLogic.com
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