Income & Employment Solutions
If you’re using paystubs to verify borrower income, there’s a better way. Point Predictive provides assessment solutions for both income and employment.
IncomePass analyzes stated income against millions of historically reported salaries across all occupations and cities, IRS Income Data, Census Data and many other sources to validate an applicant’s income for reasonableness.
IncomePass helps reduce losses due to income misrepresentation by detecting 60% – 80% of inflated incomes. It also eliminates the high cost of income validation for the vast majority of applications.
Point Predictive provides a detailed, sub-second response to a lender’s inquiry. The lender only needs to provide an employer name and phone number to generate an employment report, which includes at least 11 risk factors that can help determine whether to request additional verification materials from the borrower. On average, we will find a match to the stated employer about 90% of the time, and the results can be integrated into any commercial loan origination system.
Traditional data sources used for verifying sources of income fail to detect more fraud and misrepresentation on loan applications because they only cover large corporates or small sets of confirmed historical fraud.
Point Predictive’s proprietary data repository contains over 17 million legitimate and suspicious employers claimed on nearly 100 million loan applications. Every prediction of source of income is as accurate as it can possibly be.