A method of income validation and evaluation for income risk assessment is disclosed in one embodiment. The method includes receiving a borrower loan request including a plurality of borrower data selected from the group consisting of: an employment type code, a borrower date-of-birth, a borrower zip code and a stated monthly income. The method further includes analyzing the received plurality of borrower data with respect to a stored plurality of borrower data to generate a normalized plurality of borrower data, implementing, if the stated monthly income is non-zero, an income fraud model utilizing at least the normalized plurality of borrower data including the employment type code, the borrower date-of-birth and the borrower zip code to determine an income fraud score based on the normalized plurality of borrower data, implementing an income estimation model utilizing at least the normalized plurality of borrower data and an age-band to determine a predicted income, and determining a risk assessment value as a function of the income fraud model and the income estimation mode.
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