The mortgage industry can now access tax records via an API

Successfully verify consumer income and identity via the IRS tax database
Confidently lend to taxpayers with lower probability of risk
Optimize internal processes to process a higher volume of clients per year
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Problem

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.

Objectives

Reduce lending risk

With accurate and verified income information, lenders are confident about creditworthiness and borrowers maximize their loan offer.

Accelerate
lending timelines

Faster approval timelines means happier borrowers and happier lenders.

Increase efficiency

Cut down on time spent waiting on documents by directly tapping into your client’s verified tax data

Increase approvals

Approve loans confidently for borrowers with non-waged based income

A modern API solution that enables the most comprehensive consumer income and financial health numbers for same-day lending and banking approval.

Results

One Day

Wait time reduced

Reduced the one-week average wait time for client documents to just one day.

10%

Reduced the probability of an approval

Lowered the probability of an approval for a defaulted mortgage by 10%.

1%

Increase in approval rate by 1%

With ModernTax API and app, you can increase your approval rate by 1%.

What employees are saying about the ModernTax app

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