TransUnion has enhanced its partnership with Truework, an income and employment verification provider, to give mortgage lenders more encompassing and reliable access to the verification of income and employment (VOI/E) information they need to accelerate underwriting while minimizing costs.
Truework’s TruVision solution, which provides a comprehensive income and employment verification waterfall, is now available via the TransUnion API.
This follows the recent launch of a similar TransUnion solution, also powered by Truework, for purposes of rental screening and builds upon the existing availability of the solution for auto lending.
“In a year in which mortgage originations are forecast to see gains, lenders more than ever will need ready access to tools and resources that allow an efficient and streamlined process for income and employment verification,” says Satyan Merchant, senior vice president and mortgage business leader at TransUnion, in a release. “TruVision Income and Employment Verification provides lenders with access to these major verification methods in one single solution.”
With TruVision Income and Employment Verification, lenders have access to major verification methods — orchestrated together in a single solution with an industry-leading 75% average completion rate.
This includes instant data for more than 48 million active employee records, consumer-permissioned payroll which covers 90% of U.S. employers, and automated outreach to HR departments and third-party providers.
“We are excited to provide mortgage and home equity lenders with access to this new income and verification solution that can save them time and money while reducing errors along the way,” says Liz Pagel, senior vice president and global head of alternative data at TransUnion. “Through the integration of Truework’s best in class solution, we are getting closer to our vision that through one API call, mortgage lenders can receive credit, verified income and employment, and other critical solutions like undisclosed debt monitoring which can help streamline the underwriting process.”
TransUnion is conducting a phased roll out of the new solution which will include integrations with loan origination systems, point of sale systems and GSE certifications.
Photo: Ross Sneddon