Monday, May 1, 2017

IRS reports 9 out of 10 tax returns were filed electronically this year!

IRS reports that over 90% of individual income tax returns were filed electronically this year! Not only are you supporting the fight in saving trees, but there are many more benefits to electronic filing compared to paper filing.

The cost of paper filing may be cheaper by certain standards, but the refunds take longer to be delivered and processed. There is also a risk of error when clerks manually transfer paper data at the IRS Service Center; therefore, it requires more diligence from filers in verifying accuracy and legibility of their information to avoid delay or rejection by IRS.

Electronic filing may require a tax preparer or tax software to submit to IRS, but it is processed faster, more secure and convenient than paper filing. And the benefits of filing your taxes online using tax preparation software is the chance to take advantage of more tax credit and deductions that you would not be alerted to otherwise. All around, the advantages of e-filing permits tax filers to better organize their records, earn bigger refunds, submit with greater accuracy, file and receive returns faster.

It is hard to imagine that anyone would opt to paper file; however, e-filing is not for everyone. About 33% of households do not have access to the internet at home, so paper filing is the only option. Another reason may be if filing when electronic filing is not accessible online (before January 1 and after October 15). 

CLICK HERE to read more on when paper filing is the a better option.

Tuesday, March 7, 2017

Lisa Binkley Joins NCS as SVP of Business Development

Industry veteran has held leadership positions at Platinum Data, Equifax and Rapid Reporting

Lisa Binkley
Egg Harbor City, N.J., March 6, 2017 -- National Credit-reporting System Inc. (NCS), a full-service consumer reporting agency specializing in third-party verification solutions and credit intelligence, announced today that Lisa Binkley has joined NCS as senior vice president of business development.  Binkley, a recognized industry expert in third-party verifications, quality control and valuations, will lead NCS’s solution development team and support members of NCS’s sales team as a subject matter expert in multiple disciplines.

Prior to joining NCS, Binkley was senior vice president of client strategy and implementations at Platinum Data, which was recently purchased by Mercury Network.  She was a key member in developing an efficient on-boarding system for Platinum Data, where the time from execution of a client agreement to the actual use of services was reduced by 45 percent.  Binkley also held the position of director, Mortgage Solutions at Equifax Workforce Solutions, and of executive vice president at Rapid Reporting Verification Company, which was later acquired by Equifax.

“The mortgage industry is at a pivotal point where it requires system and product development by service providers to go beyond the requirements of Fannie Mae’s Day 1 Certainty program,” said Binkley.  “We must establish greater access to innovative and automated processes for mortgage origination, and that’s what NCS is doing right now. I look forward to accelerating NCS’s commitment to moving beyond the expected by deepening our relationships in automation and information services.”

Binkley, a frequent speaker on loan quality best practices and fraud prevention, is a long-standing member of many trade association committees and has been honored with multiple industry leadership awards, including Housing Wire’s “Women of Influence.”

“NCS has been a friend of Lisa’s for a long time and I’m really pleased we were able to bring her aboard,” said Curtis Knuth, executive vice president at NCS.  “We’re continuing to build an executive management team at NCS as a solid asset for our direct and alliance partner clients.  Lisa’s addition to the executive team is a commitment to this strategy.”

About NCS
NCS (National Credit-reporting System, Inc.) is a leader in verification solutions with the distinction of being the first organization to offer IRS tax transcript solutions (TRV® Services) nationwide.  NCS' solutions include a full suite of credit reporting solutions.  Since 1978, NCS has offered advanced verification products and services to the financial industry.  To learn more, visit or call 800-582-7066.

Thursday, March 2, 2017

Ellie Mae Experience 17

Let's Connect at Ellie Mae's Experience 17, March 6-8, at the Wynn Las Vegas.  
Learn what makes us experts in total income validation solutions.  
Schedule a meeting or just pop in to visit NCS at Booth #709. 

Wednesday, January 11, 2017

Independent Mortgage Bankers Conference  |  Palm Spring, CA  |  January 23-26

Learn about our many verification offerings and how we can save you time and money, all while delivering exceptional service!

Tuesday, December 20, 2016

Dodd-Frank Act: The Threat of Repeal

So, what's next for Dodd-Frank under Trump?

Commentary by NCS 

Although the 2010 induction of the Dodd-Frank Act was costly, it was an effective start for consumer protection and market reform in the mortgage industry. Under President-elect Donald Trump, there is an impending threat of a legislative repeal. What will this uncertainty cost the bank industry when the country is still recovering from the housing market crash?

Although the 2010 induction of the Dodd-Frank Act was costly and invasive, it was an effective start for better consumer protection and market reform in the mortgage industry. Under President Donald Trump, there is an impending threat of a legislative repeal. What will this uncertainty cost lenders & consumers especially as rates are scheduled to rise in 2017?

There’s industry consensus that several aspects of the Dodd-Frank Act should be adjusted to be more target-specific.  This November, former Massachusetts Representative and part namesake to the Act, Barney Frank recommended raising the asset level for banks that were subject to more stringent compliance levels.  Dodd-Frank currently places a higher compliance threshold on financial institutions with $50 billion+ in assets.  Community banks have lodged frequent concerns about their inability to effectively manage the compliance policies and practices to conform to Dodd-Frank rules.  The Minneapolis Fed has conducted extensive studies on community bank consolidation.  Their research suggests just adding 2 employees to a bank’s compliance department would make a third of the smallest banks unprofitable according to an April 2016 article from the New York Times.   Motives for consolidation among community banks site steep increases in compliance costs, and also technology costs to keep pace with consumer and regulatory desires for greater transparency into the origination process.

A complete repeal of Dodd-Frank as suggested by President-elect Trump would eliminate both good and bad portions of the law.  It would be an extreme lift for a Congress now known for its inability to pass legislation, to draft, agree and enact new finance law. For many companies, the original legislation called for new regulation, policy requirements, and system overhauls that cost millions to gain compliance. Not only would this type of repeal be expensive, but it would require new company policies and procedures, training of employees, technology upgrades, and the numerous legal aspects of any given item.

Most financial institutions have adapted to doing business in the era of Dodd-Frank. To consider a repeal now, would involve from the banks think tanks, lobbyists, regulatory teams, operational upheaval, and time away from other priorities.  While larger corporations such as JP Morgan Chase, Citigroup, Wells Fargo, and Bank of America may have the resources to finance these new regulatory changes, they look at the threat of repeal in terms of risk and cost. The smaller community and regional banks would suffer even more economical and logistical consequences from this looming uncertainty under President Trump’s administration.

On the other hand, select revisions and itemized repeal would be beneficial to the current market structure, community banks and corporations alike. Meghan Milloy, Director of Financial Service at American Action Forum, suggests some solutions on sections of the existing legislation that could benefit from replacing, repealing, modifying and tweaking in her article, “Repealing and Replacing Dodd-Frank”. Updating Dodd-Frank would require deliberation from regulatory teams and special interest groups to achieve a working knowledge of what is required for overall market stability.

What can be agreed is that the “repeal and replace” prospective strategy for Dodd-Frank would be a daunting task for the leaders of Congress and the unproven Trump administration.  There’s certainly a part of the electorate that wants to “drain the swamp” and do away with the CFPB and the standing law of Dodd-Frank, but is it truly feasible in the next three- four years?  It’s all about priorities and it will be very interesting to see what the new president presents as his plan for his first 100 days in office next year.  It will be a good bellwether of his direction for financial reform.

Monday, September 19, 2016

Disrupting the Mortgage Industry
Jeff Gentry | Vice President | September 19, 2016

According to Google, the definition of disrupt is “to interrupt (an event, activity, or process) by causing a disturbance or problem." Disrupt is one of the trendy words executives and strategists use when defining their products or solutions.  For example, the new Hyperloop transport will disrupt and change the way people commute through hi-speed travel in a tube.  In the mortgage industry, there are several companies popping up with goals to disrupt the way mortgages are originated by using mobile technology.

Consumers and mortgage originators alike are more tech savvy and comfortable with using mobile devices to fill out applications, order verification services, and eSign documents.  Companies like Easy Mortgage Apps, StreamLoan, SimpleNexus and others a e creating apps that connect lenders, consumers, and real estate agents, to make the loan process easier and way more transparent for everyone.  I look forward to the disruption these companies are making.

At NCS, our IBV (Instant Bank Verification) solution is on the cutting edge of electronic consumer bank statements.  As simple as sending a link to the consumer and having the them log into their online bank account, the lender can have 90 days of bank statements formatted into an easy to read report with built in analytics.  Call or email us today to schedule a demo of this fantastic solution.

For further information on IBV (Instant Bank Verification) or any of NCS’ solutions, please contact NCS.

Jeff Gentry is Vice President at NCS.  His e-mail is

Friday, August 19, 2016

Mortgages and The Self-Employed

Loan Origination Solutions for Self-Employed Consumers. 

As origination forecasts climb and interest rates remain low, self-employed borrowers continue to face roadblocks when qualifying for a mortgage.  

Dilemna for self- employment

According to a Zillow study quoted in Forbes Magazine this month, self-employed consumers receive 40% fewer loan quotes than W-2 consumers.  Self-employed borrowers made 81% more money than other potential borrowers and seek home loans that are 12% higher with higher down payments.  But, for the 14 million US self-employed consumers there are considerable risks for mortgage underwriters to clear prior to closing.  Self-employed borrowers tend to have lower risk scores (FICO).  In a late 2014 Zillow study, self-employed borrowers were almost twice as likely to have a FICO score below 680 than their W-2 counterparts. Loan officers are forced to work with self-employed borrowers to help them raise their scores with tools such as CreditXpert available through NCS. Underwriters must collect additional verifications and documentation over and above W-2 wage earners, such as K-1s to show an ownership percentage in the business.  With greater conditions to clear, loans on self-employed borrowers take longer to close due to the time to complete and collect those added verifications and documentation. 

NCS’ independent verification suite is an important tool kit for underwriters and production teams looking for quicker and easier verifications and analysis.  An example is NCS’ FACTCheck solution.  IRS sourced tax transcript data automatically populates a Microsoft Excel cash flow analysis template.  Calculations are completed in seconds, and underwriters are able to notate missing tax return data or upload copies of the consumer’s tax returns for entry into the FACTCheck report.  It’s an extreme time savings.  Additionally, FACTCheck reduces the opportunities for mis-keyed data and aids in the determination of ability to repay. 

For further information on FACTCheck, CreditXpert or any of NCS’ solutions, please contact NCS.

Jeff Gentry is Vice President at NCS.  His e-mail is