Truv's consumer-permissioned income and employment
verifications platform helps lenders save time and money on each
loan
NEW
YORK, April 30, 2024 /PRNewswire/ -- Truv, a
provider of automated employment and income verification technology
for mortgage lenders, banks, and credit unions, announced it is now
an authorized report supplier for mortgage lenders using Fannie
Mae's Desktop Underwriter® (DU®) validation service. Truv's
consumer-permissioned platform is now able to obtain and transmit
income and employment data through the DU validation service.
Fannie Mae's DU validation service uses third-party data vendors
to independently validate borrower income, employment, and asset
data, providing lenders with Day 1 Certainty® on validated loan
components. By digitally validating secure third-party data through
DU, lenders can help eliminate the paper chase and help get
borrowers approved quickly.
A recent recipient of the 2024 HousingWire Tech100 Mortgage
Award, the all-in-one Truv platform is currently used by more than
100 mortgage lenders to verify a borrower's income and employment
information. With coverage of 92% of the U.S. workforce and success
rates higher than competitors in the income and employment
verification space, Truv enables lenders to replace costly,
third-party borrower verification service providers and manual,
error-prone methods of verifying borrower data, with cost savings
and faster times to close by two days or more. Truv is currently
integrated with leading point-of-sale and loan origination systems,
including Encompass, nCino, Floify, BeSmartee and Empower, and has
demonstrated savings of up to $350 or
more per closed loan.
As an authorized report supplier for Fannie Mae's DU validation
service, the Truv platform enables lenders to:
- Reduce risk of fraud and improve loan quality by
leveraging real-time data directly from the source
- Lower costs by reverifying a borrower's income and employment
data at no additional expense
- Accelerate growth by increasing pull-through rates and closing
loans faster
- Improve productivity by reducing time spent collecting data to
underwrite loans
"We are thrilled to announce our collaboration with Fannie Mae,
a pivotal step in our mission to revolutionize the mortgage
industry," said Kirill Klokov, CEO
of Truv. "This partnership affirms our deep commitment to providing
lenders with cutting-edge solutions that empower consumers while
driving efficiency in the loan origination process."
Truv's platform is unique in the borrower verification landscape
by prioritizing consumer empowerment and data control. Unlike
traditional verification providers, Truv puts consumers in the
driver's seat by allowing them to securely share their income and
employment information directly from their payroll accounts. As a
result, Truv not only enhances data privacy and security but also
fosters trust between borrowers and lenders while providing a
seamless and transparent experience.
"At Fannie Mae, we are committed to digitizing the mortgage
process," says Peter Skarnulis,
Fannie Mae's VP of Single-Family Digital Management Solutions.
"This collaboration is yet another opportunity for lenders to
quickly and efficiently automate income and employment data
verification, making the mortgage process more efficient for both
lenders and borrowers."
To learn more about how Truv's innovative and powerful platform
delivers fast, affordable borrower verifications for mortgage
lenders, visit www.truv.com/industries/mortgage.
About Truv
Truv is a leading provider of borrower verification technology for
the mortgage industry. The company's enterprise open finance
platform takes borrower-submitted information and enables lenders
to verify the borrower's income, assets and employment through a
single, streamlined process. Truv currently serves over 100
mortgage lenders and is integrated with multiple leading providers
of point-of-sale and loan origination technology. For more
information, visit www.Truv.com.
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SOURCE Truv