Verification Services

 Individual and business income, identity, employment, asset, salary and deposit verifications

Chronos Solutions offers comprehensive verification services, including income verification for individuals and businesses, identity, employment, assets, salary, property tax and deposit verifications, as well as Flood Hazard Compliance Services. These services are available individually, with four of the most essential available as a bundled offering for single-vendor convenience, savings, and control.

Day 1 Certainty®
Employment Verification

Funding Suite™
Identify Verification
Income Verification
InstantTax Property Property Tax Verification
Origination Verification Services Bundle
Social Security Number (SSN) Verification
Taxdoor™ Tax Return Verification (TVR) Service
VODAChek™ Asset Verification Services
W-2, 1040, Corporate and Trust Tax Transcripts

Day 1 Certainty

Chronos Solutions is an approved report supplier for Fannie Mae‘s Day 1 Certainty program for Taxdoor™, Chronos Solutions’ proprietary automated, mobile-enabled tax transcription verification technology and VODAchek, the company’s automated asset verification service, which Fannie Mae certified for loan production through its Desktop Underwriter® (DU®) validation service. These services may be ordered individually or bundled through ChronosSolutionsDirect (formerly UPFDirect), Funding Suite™, EllieMae® Encompass® or Calyx®Point.

Fannie Mae created Day 1 Certainty to provide lenders with enhanced loan origination controls, process efficiency, and certainty around borrower data input into DU. By using tax transcript data from approved vendors Fannie Mae is able to offer rep and warrant relief on validated data.   By conducting a rigorous pre-approval, Fannie Mae verifies that DU validation service providers like Chronos Solutions provide the highest quality of the data and their clients who use their system receive rep and warrant relief on validated loan components.

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Employment Verification

Our Verification of Employment (VOE) process is a simplified solution to perform applicant employment verification without having to manage the tasks  and routines associated with the VOE process. Our web-based system enables  lenders to order, track, and receive results securely within hours, increasing  employee productivity and reducing origination costs.

Funding Suite™ 
Funding Suite, which created the industry’s first and – to date – only intelligent credit report, manages purchasing, analysis and cost accounting for credit reports and other mortgage-related services from a centrally managed platform. It’s a mobile friendly, SaaS solution through which mortgage lenders can order credit reports, access fraud and identity reports, control spending, analyze credit files, and monitor spending patterns. It was the first to present detailed cost accounting reports, business intelligence dashboards, real-time status updates for all open orders, interactive maps of credit order locations and more.

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Identity Verification

Our SSN Verification products use a direct link with the US government database to ensure compliance and stronger security measures in providing Social Security Number authentication of identity and SSN history. To further facilitate higher quality loans, Chronos Solutions can also verify the issuance of an SSN to an individual through the Social Security Administration.

To evaluate credit applications from foreign nationals and immigrants, many lenders now have programs for Individual Taxpayer Identification Number (ITIN) verification in place of a Social Security Number. Our ITIN Direct offering is a cost-effective solution to prevent identity fraud on files where an ITIN is used. To assure compliance with sections 326 and 314(a) of the US Patriot Act, ITIN Direct compares all data entered against worldwide terrorist watch lists, including OFAC, Interpol, FBI, and Financial Crimes Enforcement Network Special Alert.

Income Verification

IncomeAdvisor™ from Chronos Solutions helps detect income fraud early in the origination process, with actionable alerts, and provides an income estimate with confidence levels. IncomeAdvisor uses advanced analytic models to instantly evaluate the reasonableness of a borrower’s claimed income for better decisioning and enhanced profitability. It also provides real-time assessment of income reasonability at the individual borrower level, which helps dramatically reduce income fraud while enabling more efficient income verification strategies, effectively filtering applications for further income investigation.

InstantTax™ Property Tax Verification

InstantTax™ provides accurate, real-time electronic Property Tax Verification on demand – including status, payment and taxing authority – for loan origination and TRID compliance.

Origination Verification Services Bundle

To meet your verification demands with greater convenience, savings, and control, Chronos Solutions’ Origination Verification Services Bundle is an economical way to combine request and delivery of Taxdoor™ Tax Return Verification Services, VODAchek Asset Verification Services, InstantTax Property Tax Verification Services and Flood Hazard Compliance Services. Links to Flood Hazard Compliance Services page

With one ordering platform and single-login access, you get single vendor point-of-contact efficiencies throughout the contract process. This enhances compliance and risk management, provides centralized invoicing, and lowers overall service costs by an average of 25% per loan.

Chronos Solutions’ four-product Origination Verification Services Bundle can be ordered through our proprietary UPFDirect platform, EllieMae® Encompass® and Calyx® Point®.

Social Security Number (SSN) Verification

Our Social Security Number (SSN) products provide swift and concrete authentication of identity and SSN history through a direct link with the US government database, providing compliance and stronger security measures to facilitate higher quality loans. Where other companies only monitor usage of a SSN, we can obtain Social Security Administration verification regarding the issuance of a Social Security number to an individual. We offer both Basic and Advanced Service with instant results, and a Complete Service with results returned within one to two business days. 

Taxdoor™ Tax Return Verification (TRV) Service

Taxdoor™ is a powerful, web-based service that allows a lender to request and retrieve an applicant’s income tax information directly from the Internal Revenue Service (IRS). By eliminating the need for the applicant to complete and fax the 4506-T form to the IRS, a loan officer can initiate the request using our fully automated, one-click ordering process. It sends the applicant a text message that he or she can approve via smartphone. This prevents costly delays and uncertainty and helps reduce rejection rates up to 75%. Transcripts are delivered in as little as 48 hours and days sooner than manual requests. And, FannieMae has approved Taxdoor for its ‘Day 1 Certainty’ program. 2016 HousingWire Tech 100 Winner.

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Other Tax Verification Services available

  • Personal Tax Transcripts (Form 1040)
  • Corporate and Trust Tax Transcripts
  • Self Employed Tax Transcripts (Form 1099)
  • Employed Wage Information (W2 wage print-outs)

VODAChek™ Asset Verification Services 

For the first time, lenders and mortgage servicers can electronically order and verify all of a borrower’s financial statement data in minutes, while eliminating the potential for borrower fraud, reducing loan file errors, and expediting loan closings. VODAchek from Chronos Solutions eliminates the need for borrowers to collect, copy, and submit paper documents by providing a secure, web-based platform that instantly provides lenders with up to three months of borrower transaction details. The result is streamlined operations, quicker decisions, and higher borrower satisfaction. Flexible reporting tools generate automated electronic bank statements from nearly any institution. And, FannieMae has approved VODAchek for its ‘Day 1 Certainty’ program.

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W-2, 1040, Corporate and Trust Tax Transcripts

Available through Taxdoor™, this powerful web-based tool allows you to retrieve your applicant’s income tax information directly from the IRS in as little as a single business day. Working directly with the Internal Revenue Service, our advanced technology and knowledgeable personnel make Chronos Solutions the best source for income tax information for individuals and businesses.

  • Personal Tax Transcripts (Form 1040)
  • Self-Employed Tax Transcripts (Form 1099)
  • Employed Wage Information (W2 wage print-outs)
  • Schedule K
  • Corporate Tax Transcripts (1120)
  • Transcripts of account (verify if the applicant has pending dues with the IRS)

For more information Click Here to complete our request form, or contact us at 888.873.5663 or ContactUs@ChronosSolutions.com.