Rapid Reporting Introduces Tax Return Summary Reports

Business Wire, March 12, 2007

Concise, Custom-Built Reports Enhance Efficiency in Loan Processing

FT. WORTH, Texas -- Rapid Reporting, a national provider of definitive income and identity verification products to the mortgage industry, announced the addition of electronic summary reports to provide mortgage lenders with essential IRS tax return information in a well-organized, condensed format. The summary page was developed to provide lenders and loan processors a quick reference guide to critical tax return data for income verification and fraud detection.

Rapid Reporting's Tax Return Summary Reports are fully customizable for use across all lending channels and down to the branch level. The reports extract pertinent data fields from individual and business income tax returns and are included with each transcript requested on IRS forms 1040, 1065 and 1120.

"Single column reports and large amounts of paper work can hinder a commitment to fast, accurate loan decisioning; Rapid Reporting's Tax Return Summary Reports are an excellent way to cut to the chase," said Brynn Stensrud, senior vice president of correspondent lending at SouthStar Funding. "The data gives an accurate portrayal of our borrower and the entire report is available if additional information is required. Using the report will help to increase efficiency and maximize resources."

"The IRS is delivering tax transcripts in a new format that provides much more detail about the taxpayers account and tax return than the previous format. Rapid Reporting's Tax Return Summary Reports enable lenders to use their time and resources analyzing the criteria that matters most to them rather than spending their time sifting through upwards of 16 pages of information contained in each year of transcripts to retrieve it themselves," said Jay Meadows, president and CEO of Rapid Reporting. "Our one-page summary report is a cliff notes version of tax return transcript that enables fast, cost efficient processing, resulting in a positive impact on our clients' bottom line."

About Rapid Reporting

Founded in 1998 and headquartered in Ft. Worth, Texas, Rapid Reporting Verification Company is a national provider of definitive income and identity verification products for mortgage lenders to help combat fraud. Core offerings include IncomeChek, which is used to verify income by providing income information obtained from the Internal Revenue Service (IRS), and DirectChek, which meets USA Patriot Act compliance and is used to verify identity via a direct comparison to the Social Security Administration (SSA) database along with searches of over 15 billion records in public and private databases. Both products operate over a secure, Intranet, Web-based portal, which is audited for security purposes daily.

Rapid Reporting formed and continues to build relationships with government agencies, such as the IRS and the SSA, to gather electronic data for verification purposes. During the last week of 2004, Rapid Reporting's executive team led successful lobbying efforts to secure the continuation of the enumeration verification system (EVS) with the SSA database. In October 2005, Mortgage Technology magazine commended CEO Jay Meadows for his efforts to help protect citizens from fraudulent mortgage activities.

For additional information, contact the sales department at info@rapidreporting.com, call 888.749.4411 or visit the Web site at www.rapidreporting.com.