VERIFICATION SOLUTIONS
Now more than ever, mortgage originators want to know that borrower information is accurate and reliable. With a key acquisition in 2009, Lender Processing Services is offering the industry’s finest employment, income and identity services.
Technology acquired from Verification Bureau and enhanced by LPS gives us the ability to offer our clients fast and reliable verification to hasten the origination process.
With information directly from the Social Security Administration and the Internal Revenue Service and employers, LPS expedites the verification of identity, double-checks borrowers' stated incomes and completes a verbal verification of employment within one to three days of request.
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Here are additional details:
- Employment Verification. Included with the report is commentary from skilled consultants indicating any suspicious activity during a phone call. LPS averages a 35 percent success rate in verifying employment within 24 hours and an 80 percent success rate within 72 hours.
- Identity Verification. As part of its solution, LPS also provides the Social Security form SS89, which is the only legal way to verify a SSN belongs to a specific person.
- Income Verification. LPS enables confirmation of the borrower’s income directly with the IRS in as fast as one business day. Provide the signed 4506T form via Web interface, XML connection, fax or batch upload, and LPS will return a secure report through an online account in one business day.