DENVER—LenderLive, an end-to-end mortgage services provider, said its GuardianDocs unit has introduced a new module to its FACTCheck suite: FACTCheck Tax Transcript Analysis. The new tool enables lenders to receive the FACTCheck tax transcript report as part of their IRS transcript order from select Income Verification Express Service (IVES) providers, the company said.
The FACTCheck tax transcript report returns the proprietary FACTCheck rules engine analysis on all income sources in a detailed, interactive report that contains both calculated qualifying income and messages of explanation and instruction. These rules are designed to test for GSE compliance, as well as a borrower’s ability to repay (ATR) under Appendix Q.
Because the new solution delivers a full fact-checked report, underwriters can focus their time on “gray areas” and more difficult situations, the company said. It also allows document collection to be done by processors and assistants.
Lenders can upload tax transcripts to FACTCheck Tax Transcript Analysis in either HTML or a variety of PDF formats, so there is no need to manually input information.