LoanBeam announced a joint referral agreement with Equifax Verification Services, a business unit of Equifax. Additionally, LoanBeam plans to incorporate the IRS Tax Transcript Fulfillment service provided by Equifax Verification Services, into its automated income calculation solution anticipated for early 2017. The addition of an industry-leading tax transcript fulfillment service will further automate and standardize the income verification process and support lender efforts to limit the documentation requirements of borrowers. Equifax also plans to incorporate the LoanBeam product into its suite of income verification services in 2017.
The combination of both the Income Calculation Solution and the IRS Tax Transcript Fulfillment service will also help to reduce delays that could potentially slow the overall loan process as a result of rejected IRS tax transcript requests, while helping to enhance the consumer borrowing experience.
LoanBeam is a SaaS (Software as a Service) application that uses OCR (Optical Character Recognition) technology to export data from tax return PDFs to an Excel file that automatically calculates the income of a borrower. LoanBeam is pushing the boundaries of what mortgage income calculation looks like. LoanBeam’s business expertise, patented processes, advanced scanning technology, and strategic technological and financial industry partnerships are all combining to offer first-to-market income calculation solutions to some of the country’s most influential companies. The company is headquartered Dallas, Texas.
Source: Equifax Press Release