SOURCE: Verification Bureau Inc.

November 14, 2008 15:22 ET

Verification Bureau Reports 4506-T Processing Turnaround Time for the Last 12 Months; 70% of Results Delivered Within 6 Hours in October 2008

MIAMI, FL--(Marketwire - November 14, 2008) - Verification Bureau, a leader in fraud prevention services for the US financial industry that helps lenders grow solidly by impeding fraudulent loans from getting funded, has reported breakthrough turn times for its 4506-T Income Verification solution.

The company has been working with the Internal Revenue Service for about 8 years, and has developed a technology that allows for faster and highly secure processing of the IRS 4506-T forms. Verification Bureau reported that 52% of their 4506-T Income Verification results came back in less than 12 hours for the last Trailing Twelve Months. Additionally, the company disclosed that after some recent technology updates in October 2008, over 71% of the 4506-T results were delivered in 6 hours or less.

The system makes it easy for lenders to verify income by allowing them to submit their requests online, upload the 4506-T form, and receive results electronically. Lenders are able to optimize their Income Verification efforts by cutting down the turnaround time from days to hours. The paperless 4506-T income verification solution also benefits lenders by helping them decrease indirect verification costs by as much as 85%. Faxing and printing is no longer necessary.

"In today's lending environment, income verification has become the most important fraud prevention and risk management component in a loan transaction -- to the extent that some lenders consider it even more important and reliable than a credit score," said Esteban Reyes - CEO for Verification Bureau. He added, "4506-T Income Verification has become the industry standard for verifying the income of a borrower." According to Reyes, this approach is driven mainly by the upcoming Regulation Z which requires "high-priced loan" lenders to verify the borrower's ability to repay the loan, and the increasing fraud awareness among lenders. "With our automated technology, lenders can implement the 4506-T income verification process confidently to minimize risk, comply with regulations, and maximize efficiency."

Mr. Reyes also commented that Verification Bureau is committed to developing further the 4506-T Income Verification technology, which is supported by a unique approach to customer service. The goal is to reduce the turn times down to seconds as they did with the Social Security Verification system which accesses the Social Security Administration to verify social security numbers. "In addition to the technology and turn times we focus on the quality of service. Our approach is based on three main things: a paperless process, a Personal Assistant™ assigned to each account and the Report Card on Us™."

About Verification Bureau

Founded in 2001, Verification Bureau is the leading provider of automated IRS 4506T processing and Social Security Number verification systems. Over 2,500 clients and 18,000 users worldwide have screened over 1,000,000 loan files using their suite of verification services, pre-employment background screening, and fraud detection systems.

Verification Bureau offers a free program which lenders can test for a limited time. For more information: www.verificationbureau.com, phone 877-477-4506 Ext 201, or email sales@verificationbureau.com.

Contact Information

  • Contact:
    Juan Carlos Perdomo
    Verification Bureau Inc.
    Ph 786-777-0316 x 201
    Email Contact