Verification of Employment/Income, and VOE/I
Trusted, third-party validated employment and income stops fraud and ensures your applicant has the ability to repay. Recent studies disclose the most common occurrence of loan fraud is found in the area of income verification. This occurs when borrowers falsify the source, continuance, sum or existence of income. This type of loan fraud had the highest year-over-year increase at 22.1% in 2018, according to a CoreLogic report.
Short employment tenure is used as a ploy to commit income fraud because lenders do not have the ability to verify short-term income through a valid source, such as the IRS. The trend is further intensified by technology, which makes it easier to buy or generate fraudulent documents. A basic online search can identify websites that produce counterfeit pay stubs, along with services that will “confirm” income or employment to lenders or those in human resources who are in the process of hiring an individual. Don’t be a victim of these schemes!
CIS provides a 100% solution to your Verification of Employment/Income needs from the small self-employed individual to employees of Fortune 500 companies. CIS delivers an auditable, documented process that supports regulatory guidelines. CIS VOE is approved for Fannie Mae’s Day 1 Certainty program.