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To combat both classifications of mortgage fraud, new legislation has taken effect, and more is on the way. For example, the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 requires mortgage companies to screen loan officers. The screening includes criminal history and background checks. Employment-screening technology is playing a key role in helping meet these requirements.
Some lenders already require tax-verification reports with loan applications, and some companies that offer such reports have seen large increases in orders since 2008. As this trend continues, more brokers and lenders could discover the value of these verifications, including faster loan approvals and increased loan quality.
The only thing required to obtain tax-return verifications is authorization from the potential borrowers for whom the reports are sought. Some companies offer reports in an electronic format, saving time, resources and money. Reports often can be provided in less than 48 hours.
Brokers can help lenders approve their loan submissions more quickly by combining technology and teamwork. Tax-verification reports offer a way to do both and to fight fraud.
Steve Grant is president of Credit Plus Inc., a leader in credit-information services since 1928.
Reach him at firstname.lastname@example.org or by calling (800) 258-3488.
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