Tax Return Verification Reports are up by 628 percent over last year
Salisbury, Md., July 30, 2009 – Credit Plus, Inc., a leader in the credit information industry since 1928, announces that mortgage professionals, in today’s climate of increased fraud, find significant value in its Tax Return Verification system to validate income and help detect and prevent fraud. The company reports that it has seen a 628 percent increase in Tax Return Verifications over the past year.
According to the Mortgage Asset Research Institute, fraud committed on tax returns and financial statements increased from 17 percent in 2007 to 28 percent in 2008. The FBI labels mortgage fraud as one of the fastest growing white collar crimes in the U.S. and reports that mortgage fraud Suspicious Activity Reports (SARs) rose 36 percent to a total of 63,175 in 2008, and so far in 2009, there have been 33,291 mortgage SARs filed.
“In this state of the economy, with fewer loan originations, more people may be committing fraud out of desperation,” said Steve Grant, President of Credit Plus. “Lenders are closely examining a borrowers’ total income and many are requiring that a Tax Return Verification report is submitted with applications.”
Tax Return Verification reports compare income-related lines of a borrower’s tax return with the same lines on file at the Internal Revenue Service (IRS) and highlight any discrepancies.
August 14th, 2009 | Posted in Uncategorized | Read More »
Company Launches its Version of a Multiple Listing Service for Loans and Mortgages
SAN DIEGO—August 10, 2009 — LoanMLS, Inc. today announced the launch of its new online loan exchange,
LoanMLS.com. The new site provides a central place for loan professionals to confidentially share information about loan assets to buy, fund or sell.
Similar to a multiple listing service used by Realtors to exchange information about residential properties for sale,
LoanMLS.com was created specifically for the lending industry and allows lenders, brokers, bankers and investors to easily and quickly list loans/mortgages for sale or search for loans/mortgages to purchase.
August 10th, 2009 | Posted in Uncategorized | Read More »
- Messenger Financial Center provides convenient, flexible and secure business banking -
ATLANTA, August 3, 2009 – Online Banking Solutions (OBS), a provider of next-generation cash management and business banking revenue-generating solutions for banks, announced the availability of its new Messenger Financial Center, a Web 2.0 cash management and business banking portal based on its latest version (3.0) of Online Messenger™. Online Messenger is a multi-channel event based information and file delivery platform providing commercial clients with a central access point for all online banking to view and execute financial transactions.
Built to meet contemporary scale, channel, security and integration requirements, OBS’ new Messenger Financial Center enables bankers to move beyond classic barriers to leverage delivery channels, files and transactions without limitation. Banks’ business customers can perform any type of financial transaction with ease, and the portal provides a powerful integration layer, designed to replace multiple Web application interfaces with a unified user experience. Additionally, Messenger Financial Center is designed for, and built on, a custom Web 2.0 framework that delivers a smooth and feature-rich user experience for an enterprise banking software solution.
August 3rd, 2009 | Posted in Uncategorized | Read More »
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