Income Verification
IncomeChek is a Web-accessible income verification solution that provides companies with an efficient and cost-effective way to verify an individual’s income based on information received directly from the IRS.
Features:
- Produces personal or business tax transcripts in as little as 24 to 48 hours. Designs reports to fit the need: Tax Transcripts, Stated Doc, W-2, 1120s, 1065s or 1099
- Produces additional personal or business tax transcripts for amended returns and IRS payments status or account status Works daily with the Internal Revenue Service (IRS) to verify the accuracy of income data provided by the borrower
- Provides results in XML format allowing lenders to expedite the underwriting process
- Detects potential fraud and reduces the risk of repurchase demands
- Generates email confirmations when faxed documents are received and results are posted
Benefits:
- Enables income verification to be used on a pre-funding basis, where it is most effective
- Reduce risk exposure by verifying the accuracy of income data provided by the borrower
- Eliminates careless mistakes that result in IRS rejections and applicants with less than accurate financial information
- Expedites the underwriting process
- Decreases loan processing time and increases efficiency
- Detects potential fraud and reduces the risk of repurchase demands
- Saves time and transmission costs by sending email notifications for status and results
Report Descriptions (choose a report that fits your needs):
- 1040 – For personal tax transcripts.
- 1065, 1120, 1120S – For corporate and business tax transcripts.
- Account Transcripts - Contains information on the financial status of the account, such as payments made on the account, penalty assessments, and adjustments made by you or the IRS after the return was filed. Return information is limited to items such as tax liability and estimated tax payments. Account transcripts are available for most returns.
- Record of Account – Provides a combination of line item information and later adjustments to the account. Available for current year and three prior tax years.
- W-2 Information – Contains employer-reported financial data.
- 1099 – Relays payments made to an individual or company for services provided
- K-1 Information – Provides partnership reported financial data.
- Stated Doc – Requires a 4506T, but only reveals confirmation of filing for specified years, and existence of Schedule C and/or E.
- Stated Income – Requires a 4506T, but only reveals confirmation of filing for specified years, existence of Schedule C and/or E with a minimal income level stating the borrower reported income greater than or equal to XXXXX”.
Transcript Service Fee: $39.95
Transcript Per Year Fee: $5.00
Turn-Around-Time: 24 to 48 hours
Example Cost: 2 years of 1040's on an individual would cost $49.95 total. ($39.95 service fee + $10.00 (2 years at $5.00 per year).
NOTE: Your transcripts will NOT be processed until we receive a properly filled out and signed 4506-T form. You may fax (888-827-4468) or email the form (sales@infocheckusa.com) or upload a scanned copy to your report order.