Rapid Reporting Streamlines Income Verification

Rapid Reporting, Fort Worth, Texas, has added a Taxpayer Summary Report to its flagship IncomeChek income verification product that is designed to reduce underwriting time by auto-populating critical information for income verification.The creation of the product came in response to recent changes in the Internal Revenue Service's method of reporting borrower income data. Effective October 2006, the IRS started providing tax transcripts in a much more detailed format, making the task of locating specific income more laborious. For example, transcripts for a three-year period were previously eight pages long at the most, but now the same data are presented in roughly 20 pages. With the Taxpayer Summary Report, all the critical income data included in those transcripts is sorted and presented in a shorter, easy-to-access format, according to Rapid Reporting. In addition, because the report is customizable and in XML format, users can select critical data most applicable to their business processes and get all of it in one streamlined, easy-to-read page. The company can be found on the Web at http://www.rapidreporting.com.