Truv, a provider of automated employment and income verification technology for mortgage lenders, banks and credit unions, is now a service provider supporting the Freddie Mac Loan Product Advisor (LPA) asset and income modeler (AIM).
Truv’s new integration with AIM enables lenders to use the Truv platform to obtain and transmit the information and data required to Freddie Mac’s LPA for the AIM assessment.
With coverage of 92% of the U.S. workforce, the Truv platform is currently used by more than 70 mortgage lenders and integrated with leading point-of-sale and loan origination systems. By empowering lenders to verify a borrower’s information in one platform, 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.
Independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks reported a pre-tax net loss of $1,015 on each loan they originated in the third quarter of 2023, an increase from the reported loss of $534 per loan in the second quarter of 2023, according to the Mortgage Bankers Association (MBA). However, Truv has recorded savings of up to $350 or more per closed loan through its all-in-one borrower verification platform, giving lenders an opportunity to counter the losses, according to Kirill Klokov, co-founder and CEO of Truv.
“We are proud to collaborate with Freddie Mac to help lenders streamline their origination processes,” Klokov says in a release. “More than ever, lenders need robust, safe technology to lower their origination costs while reducing risks. By automatically extracting income data from a borrower’s payroll accounts, our platform does both, while empowering lenders to verify the borrower’s information in a single step.”