Over 15 million Americans are affected by identity theft each year, and lending fraud accounts for much of this. Fraudsters have become more sophisticated as they try to exploit traditional lending systems. Social Security number verification services provide the first defense against these evolving threats. These
Mortgage lenders risk substantial financial losses when they approve home loans. Income verification is a vital step in their lending process. Studies reveal that incorrect income reporting leads to loan defaults and foreclosures more than any other factor. Lenders need proper verification to make intelligent
Securing a Small Business Administration (SBA) loan often involves navigating complex tax return requirements. These requirements significantly impact the loan application process, making it crucial for business owners and SBA lenders to understand the intricacies involved. The recent introduction of Form 4506-C has changed how
In corporate finance, asset-based lending is a dynamic solution that allows businesses to use their tangible assets as collateral for funding. It offers flexibility tailored to the borrower's needs and immediate liquidity. While asset-based lending offers numerous advantages, it is not without its inherent risks and
The lending process has significantly transformed in recent years, driven by technological advancements and changing customer expectations. Financial institutions are increasingly turning to automation to streamline their operations, enhance the customer experience, and improve loan origination efficiency. This shift towards digital lending has revolutionized how
People commit first-party fraud when they get loans from lenders using false information and then don't plan to pay them back. Lenders face substantial financial risks due to this form of fraud, which damages the credibility of lending. Fortunately, there are several ways to protect
If you're a financial institution thinking about approving a loan for a business, you need to do your due diligence before pulling the proverbial trigger. Thanks to modern-day technology and internet access, doing so is relatively easy. But you have to know where to look.
The current economy is one where consumers have it easier than ever when they want to research new products and services, and consequently, they're more likely to jump between them. That makes mortgage customer retention more crucial than ever before. For every customer your lending
Following the release of the Q1 2024 Mortgage Trends, much information vital to lenders has been revealed. Although the forecast itself has been described as less than favorable, it's not all bad news. Here are a few positive takeaways and facts that can be gleaned
Tax returns do more than provide a paper trail for individuals and businesses to prove to states and the federal government that they met their financial obligations. A request for verified IRS tax return transcripts is one of the best ways for lenders (i.e., banks,