Truv’s consumer-permissioned income and employment verifications platform helps lenders save time and money on each loan
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.
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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.”
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