How does DataVerify Validation Services work?

DataVerify® provides a total solution for Fannie Mae’s Day 1 Certainty™, including 4506-T tax transcript verification, verification of employment (VOE), and verification of income (VOI). As an authorized Verification Report Supplier for Desktop Underwriter® (DU®) validation services, DataVerify’s cutting-edge platform provides users of the Day 1 Certainty program access to Fannie Mae-approved verifications in one seamless process.

Ordering VOE/VOI and 4506-T tax transcripts through DataVerify Validation Services takes just a few simple steps, but DataVerify returns more than just a flat report. You get useful information, designed to make the report results easy to understand and ensure quality control.

VOE/VOI: Hassle-free ordering, maximum efficiency

Ordering and integrating employment and income verifications has traditionally been a time-intensive and manual process. DataVerify’s VOE/VOI service is a quick, hassle-free way to complete these important validations. DataVerify clients benefit from the added value of having VOE/VOI reports fully integrated with Day1 Certainty from Fannie Mae.

Gain the benefits of time-saving automation and analysis by ordering with DataVerify’s enterprise-wide DRIVE system.

  • Ordering takes seconds – Simply fax or upload borrower authorization. You can request written or verbal VOE/VOI reports, and customizable questions allow you to specify the information you need.
  • Fast turnaround – Results are often returned in 24 hours or less for most verbal orders.
  • Automated analysis – The DataVerify platform populates and analyzes borrower and employer information from the completed VOE/VOI, eliminating the need for manual review.
  • Independent verification – DataVerify validates employer and employer’s phone number for added protection.
  • Real-time updates – Reminder emails alert you if borrow authorization isn’t received. In addition, the platform allows you to check the status of your requests and accurately track all communication.
  • Timely notifications – You’ll receive an email notice as soon as your request is complete, so you can quickly move on to handling other aspects of the loan file.

4506-T Tax Transcript: A direct connection and automated process

4506-T tax transcript reports through DataVerify Validation Services feature the convenience of e-signature backed by the power of DataVerify’s revolutionary platform. The platform supports you through the entire origination process, providing comprehensive data aggregation with user-friendly simplicity. The result is a highly efficient workflow with consistent results.

Through a direct connection to DU, DataVerify Validation Services helps you:

  • significantly reduce underwriting times and manual interaction with the loan file
  • minimize paperwork with the convenience of e-signature
  • provide a clear picture of the loan file

A direct interface to the Internal Revenue Service's tax return processing system allows DataVerify to provide time-saving automation that improves efficiency and effectively detects borrower income misrepresentation. The DataVerify platform enables automated comparison of multiple documents from multiple sources, helping lenders reduce underwriting times and make consistent, data-driven lending decisions.

The entire DataVerify 4506-T transcript analysis process is completely automated.

  • When DataVerify receives your 4506-T transcript order, we assure it is complete before sending to the IRS.
  • Our system continuously polls the IRS system to retrieve orders as soon as they are available.
  • Once the report is received from the IRS, the DataVerify platform parses and analyzes the data, comparing the IRS transcript to borrower-supplied 1003 information and other DataVerify data sources.

The process confirms consistency of borrower income, identity, and employment data using industry-standard Fannie Mae underwriting guidelines and worksheets.

The result? A clean flow of information that ensures your 4506-T tax transcript request is processed promptly – and your team gets a report they can read, understand, and act on to keep the loan process moving.

How to get started

Existing clients can simply add an addendum to their existing Master Services Agreement (MSA). Clients new to DataVerify need to complete an updated MSA.

Discover why more than half of America's top 20 lenders depend on DataVerify for their risk mitigation needs. Contact your DataVerify Account Manager or call our sales team at 866.895.3282 (option 5) to learn more about DataVerify Validation Services.

Learn more about the extra advantages of working with the DataVerify platform.

Request a demo of the DataVerify platform today.

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Contact us for a demo of the DataVerify platform. Complete the form below or call our team at 866-895-3282 option 5.

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