Your non-QM, jumbo loans, and other types of loans may have different underwriting standards, and some need to close faster than others. Borrowers with non-traditional income sources can get left behind. Self-employed business owners, veterans with VA income and benefits, and SSA recipients can all slow down the underwriting process and may even be subject to discriminatory underwriting standards if not given an equal opportunity.
Mortgage companies can speed up approvals by up to seven days by getting third-party verified data with the ModernTax SDK. This allows the debt-to-income reports to be run at a faster rate than the legacy process reducing costs and saving time.
With accurate and verified income and benefits information from the IRS, SSA, and VA, lenders are confident about creditworthiness and borrowers maximize their loan offers.
Faster approval timelines mean happier borrowers and happier lenders. Cut down on seven-day and sometimes two-week wait times by waiting on IRS and third-party vendors and get secure data instantly with the consumer’s permission.
Cut down on time spent waiting on documents by directly tapping into your client’s verified IRS, SSA, and VA income data.
Approve loans confidently for borrowers with non-waged-based income.
Less transactional-based pricing and more transparent access to consumer-permission data that can be provided for free or white-labeled for your organization.
With each request get real-time data on the success rate to optimize the experience for accessing the most data in the most secure way possible.
With fewer uploads and fewer wait times, improve borrower happiness with more consumer-centric experiences and transparency.