Origination platform Blend Labs has tapped income and employment verification provider Truework to create an integrated solution for lenders that enables faster borrower approvals and significantly broader income and employment coverage.
Truework’s verification service is now embedded directly within Blend’s borrower and loan officer experience.
This partnership comes at a crucial time for mortgage lenders looking to navigate housing market uncertainty with smarter origination solutions that reduce costs and streamline operations – versus fragmented systems and disconnected workflows that slow down processes and create friction.
Blend and Truework’s integrated solution improves the consumer experience while providing broad coverage across more and different types of income and borrowers, Blend says in a release.
Designed to enhance lender efficiency and elevate the borrower experience, Blend’s platform leverages automation, data connectivity, and best-in-class technology partners to simplify consumer banking and home lending origination for hundreds of financial institutions. By directly integrating with partners like Truework, Blend is able to empower lenders to grow, adapt, and optimize their operations without additional complexity, making it easier to scale while maintaining efficiency and a great borrower experience.
Truework is recognized for its ability to consolidate all major verification methods into one centralized VOIE platform. Organizations no longer need to distribute their verification efforts across multiple vendors, which historically leads to duplicative efforts, increased costs, and incomplete verifications. Truework optimizes every verification method to provide accurate and usable reports, with an industry-leading 75% completion rate.
Based on a few borrower inputs, income and employment data is automatically pulled from multiple data sources and populated back to the application. Fully vetted and complete income reports are provided, removing extraneous or duplicative efforts that historically weigh down internal teams.
Additionally, Blend customers maintain the ability to submit income and employment reports to Freddie Mac’s Loan Product Advisor (LPA) and Fannie Mae’s Desktop Underwriter (DU) to assess eligibility for representation and warranty relief.
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