Does IRESE verify the information provided by Property Owners or Broker in auction?

Identity Verification

When an individual registers with IRESE as a Property Owner, IRESE obtains his or her Social Security number, state driver's license number and bank account information in an effort to verify the Property Owner's identity against data from credit reporting agencies and other identity and anti-fraud verification databases.

When an individual or a company registers with IRESE as a Broker, IRESE obtains his or her Social Security number or Federal Tax Number, state driver's license number and bank account information in an effort to verify the Broker's identity against data from credit reporting agencies and other identity and anti-fraud verification databases.

Income Verification

The Property Owner's income, employment and occupation are verified to the extent documentation is provided by Broker or Property Owner, and the Property Owner's debt to income ratio (DTI) is derived by IRESE from a combination of the Property Owner's income and information from the Property Owner's credit report. IRESE verifies the Property Owner's income or employment in all instances.

Credit Data

The credit data that appears in auctions is taken directly from a credit report obtained on the Property Owner from a credit reporting agency, without any review or verification by IRESE. In connection with IRESE's identity and anti-fraud verification of Property Owners, IRESE verifies the Property Owner's bank account to determine that the Property Owner is the holder of record of the account.

Property Verification

Property information is verified through an independent 3rd party appraisal and report is available to investors.

Can IRESE refuse to fund the Real Estate Note?

IRESE has the right to verify at any time the accuracy of all statements and information provided by Property Owners, Investors and Brokers in connection with auctions and bids. IRESE may conduct its review at any time – before, during or after the start of an auction, or before or after the funding of the auction. If IRESE is unable to verify material information with respect to a Property Owner, auction or bid, IRESE may cancel or refuse to start an auction, or cancel any or all bids against an auction. IRESE may also delay funding in order to enable IRESE to verify the accuracy of information provided by a Property Owner, an Investor or a Broker in connection with the auction or bids, and to determine whether there are any irregularities with respect to the auction or bids. IRESE may also refuse to complete funding, even if the auction garners a sufficient amount of bids to otherwise support the funding of it, if material misstatements, irregularities or inaccuracies are found in the auction or in other information provided by the Property Owner.

When IRESE undertakes to verify the income, employment and occupation or other information provided by Property Owners in auctions, the verification is normally done at the pre-auction stage, before the auction has been started. In such cases, the results of IRESE's verification are reflected in the auctions themselves.

In connection with IRESE's identity and anti-fraud verification of Brokers and Property Owners, IRESE verifies the deposit account from which payments will be made, to determine that the Broker or Property Owner is the holder of record of the account. Even if an auction receives bids in the total amount requested, IRESE will cancel the auction without funding the requested loan if IRESE is unable to verify the Brokers and Property Owner's account.