New homeowners borrow over $1 trillion for mortgages each year, with on average 2.5% of mortgages in default of 30 days or more. Typically in the mortgage underwriting process, borrowers supply their own income documents and lenders must spend time verifying their information. With a high volume of origination processing and the potential for high risk investments, the mortgage and lending industry needs a faster, more complete picture of a consumer’s finances.
With accurate and verified income information, lenders are confident about creditworthiness and borrowers maximize their loan offer.
Faster approval timelines means happier borrowers and happier lenders.
Cut down on time spent waiting on documents by directly tapping into your client’s verified tax data
A modern API solution that enables the most comprehensive consumer income and financial health numbers for same-day lending and banking approval.
Reduced the one-week average wait time for client documents to just one day.
Lowered the probability of an approval for a defaulted mortgage by 10%.
With ModernTax API and app, you can increase your approval rate by 1%.
Get an anonymized employee chat room where employees and get insights on how ModernTax helps decrease financial stress at major taxable events within employee’s tenure & let certified tax experts answer questions