Truv, which offers income and employment verifications, is now integrated with Dark Matter Technologies‘ Empower LOS and Exchange Service Network.
The integration accelerates loan processing, ensures accuracy, and delivers up to 80% in cost savings for lenders using the LOS, Dark Matter says in a release.
The collaboration marks a significant milestone for the mortgage industry by advancing and simplifying income and employment verification for lenders and empowering Truv’s clients with enhanced streamlining capabilities and adding greater efficiencies to loan origination processes.
Truv pulls income and employment data, along with crucial documents like paystubs and W-2s, directly from the source—borrowers’ payroll accounts. This live, continuous data connection ensures higher quality, accuracy and eliminates delays associated with manual document collection.
The integration introduces advanced workflow automation features, ensuring a more efficient and error-free loan origination process for loan officers. This will result in reduced processing times and increased overall productivity for Truv’s clients.
Mortgage lenders utilizing Truv’s integration with Empower LOS can expect up to 80% verification cost savings, contributing to a more cost-effective and streamlined loan origination process, according to the release.
In addition, Truv’s solution provides lenders with persistent connection for free reverifications, reducing the need for borrower interactions and accelerating loan processing times.
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