Truv, a provider of automated employment and income verification technology for mortgage lenders, banks, and credit unions, is now an authorized report supplier for Fannie Mae’s Desktop Underwriter (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.
Truv’s consumer-permissioned income and employment verifications platform helps mortgage lenders save time and money on each loan, the company claims in a release.
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; and
- 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,” says 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.”
Photo: Pete Alexopoulos