MOUNT LAUREL, N.J.--(BUSINESS WIRE)--KeyStoneB2B, the fintech solution that delivers competitive advantages for financial services leaders, today announces new income verification services with volume discounts thanks to a wide-ranging network of providers. KeyStoneB2B streamlines the mortgage lending process for banks and financial institutions by selecting top-notch, reliable, ancillary providers.
“For mortgage companies and lenders, nothing is more important than verifying that a prospective borrower has the income to repay the loan,” said James V. Luisi, chief information officer and chief technology officer for KeyStoneB2B. “The IRS is the best source to verify income. When banks and other financial institutions work with us, we automate the process of validating information provided by the borrower, including income statements, W-2, tax returns and other documentation. Our system supports mortgage lenders with preventing fraud, while raising quality control and compliance.”
Through the KeyStoneB2B platform, banks, mortgage companies and lenders can complete IRS 4506-T forms for each borrower within the system. The fintech solution automatically fills the borrower’s information on numerous forms to reduce manual entry and keystroke errors.
Depending on the requested information, IRS estimates the processing time between 10 to 45 days for the information to be made available. If ordered through KeyStoneB2B, the processing time is decreased to 72 hours or less.
Through 4506-T forms the IRS offers the following transcripts available for up to four years:
- Form 1040 series is a transcript for U.S. Individual Income Tax Return
- Form 1065 is a transcript for U.S. Return of Partnership Income
- Form 1120, 1120A, 1120H, 1120L, 1120S are the transcripts for U.S. Corporation Income Tax
- Account Transcript provides current status of the tax payer including payments, penalty assessments, and adjustments
- Record of Account provides combination of line item information and later adjustments to the account
- Verification of Non filing of Tax Returns
- Transcripts for Form W-2 is a statement of wages and tax
- Transcripts for Form 1099 Series includes information on dividends, interest, miscellaneous income, government payments, cancellation of debt, and etc.
- Transcripts for Form 1098 Series includes mortgage interest, student loan interest, and tuition statements
- Transcripts for Form 5498 Series includes IRA contribution information
“The 4506-T service helps identify employment and income misrepresentation very early in the mortgage loan application process and greatly improves operational efficiencies,” said Morell Maison, sales, marketing and digital strategist for KeyStoneB2B. “By obtaining fast, accurate income verification, mortgage lenders will comply with the Dodd-Frank Act and Fannie Mae’s Loan Quality Initiative. Our comprehensive risk management and compliance solution using IRS 4506-T form, quickly validates applicants’ income, complies with income verification regulations, reduces risk and mitigates fraud.”
To schedule a demo of the KeyStoneB2B fintech solution, email Morell.Maison@KeyStoneB2B.us or call 561.614.5935.
KeyStoneB2B is an advanced fintech solution with lending process automation that elevates the competitive advantage for financial services leaders. Based on 30+ years of industry and IT expertise, KeyStoneB2B is a robust communications, command and control order management platform that simplifies and speeds the mortgage lending process from months to days. KeyStoneB2B optimizes mortgage servicing, real estate financing and processes for title, appraisal, credit, verification, flood determination, automated valuation models, real estate owned products and more. The technology can be white-labeled offering lenders white-glove service for greater productivity and cost management. Learn more at www.KeyStoneB2B.us.