Truv, a provider of automated employment and income verification technology for mortgage lenders, banks and credit unions, is now a conditionally authorized report supplier for mortgage lenders using Fannie Mae’s Desktop Underwriter (DU) validation service.
After final approval, which is expected later this year, Truv’s consumer-permissioned platform will be able to obtain and transmit income and employment data through the DU validation service, the company says in a release.
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 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.
“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.”