Income & Employment

In today’s complex regulatory environment, validating a borrower’s income is central to mitigating risk in lending. To help you comply with the Dodd-Frank Act and Fannie Mae’s Day 1 CertaintyTM program, we offer comprehensive risk management and compliance solutions.

4506-T Tax Transcript Service for IRS Income Verification

We are an Authorized Report Supplier for 4506-T.  4506-T income verification services leverage First American Mortgage Solution’s direct access to the IRS to securely verify consistency of the borrower income, identity and employment data in an automated, quick process.

Our services include the Record of Account transcript which contains every admendment that occurred after filing, so items such as tax liens, collection, wage garnishment, IRS audit investigations and other issues are revealed.4506-T

The tax transcript provides a comprehensive view of personal and business income, investment income, salary and wages.

Verification of Income & Employment (The Work Number)

We are a Report Distributor for Equifax®'s The Work Number®.  The Work Number easily confirms a borrower’s ability to repay and meet the requirements set forth in the Dodd-Frank Wall Street Reform and Consumer Protection Act. Providing you with a 100% verification through an integration with FraudGuard, this solution confirms a borrower’s employment and income by placing VOE and VOI orders directly.

TheWorkNumberThe seamless process delivers results within seconds by leveraging a database of more than 200 million employment and income records from over 5,500 employers. And, if your applicant’s employment data isn’t instantly available, a manual verification can easily be initiated and completed by a dedicated team of verification specialists

The integration of The Work Number in FraudGuard includes:

  • Instant, Manual (Researched) and Reverify order types
  • Order results are viewed directly in FraudGuard and the analysis of the results are included in the overall borrower risk score

Our End-to-End QC Process

Due to the increased IRS response times and more standardization of IRS rejection descriptions, having a highly trained and experienced QC Team is critical for minimizing interruptions in your workflow. First American Mortgage Solutions’ end-to-end QC Process minimizes IRS rejections, saving you time and money.

  • Pre-IRS QC: Manual review stops problem requests from reaching the IRS
  • Post-IRS QC: Confirms results returned match the original order
  • IRS Reject QC: Reviews IRS rejections for validity and disputes invalid IRS rejects on behalf of the client

This solution is available as a stand-alone product or integrated with FraudGuard, powered by interthinx® analytics. When integrated with FraudGuard, you can quickly identify income and employment related risks and misrepresentations as both the results from the IRS and the enhanced analysis are viewable within the FraudGuard report.

DAY 1 CERTAINTY is a trademark of Fannie Mae.  ACCOUNTCHEK is a registered trademark of FormFree Holdings Corporation © 2017 FFHC.  THE WORK NUMBER is a registered trademark of Equifax.

 *  *  *  *  *  *