Truv, a government-sponsored enterprise-approved direct-to-source income, employment and asset verification provider, announced a partnership with BeSmartee, provider of a point-of-sale (POS) platform for mortgage lenders.
Truv has integrated with BeSmartee’s mortgage POS platform, Bright POS, to automate manual verification processes. The companies said this will spell easier mortgage approvals, heightened data transparency and faster closings.
Through their aligned missions to streamline the mortgage process and reduce costs for lenders, Bright POS is unlocking the power of Truv’s consumer-permissioned data to deliver lenders a cost-effective, all-in-one platform, company leaders said.
“Our partnership with Truv elevates BeSmartee’s mission of transforming borrowers into data verifiers vs. data providers,” BeSmartee co-founder and CEO Tim Nyguen said in a release. “Truv and Bright POS also put the power in originators’ hands. Loan officers can capture a borrower in seconds, verify income and employment in seconds, and zoom to the closing table with more confidence and less legwork for all players in the process.”
Truv said its coverage of more than 92 percent of the U.S. workforce, coupled with its success rates surpassing competitors in verification accuracy, empowers lenders using Bright POS to replace third-party verification services.
Through this integration, lenders are positioned for expedited closing times, more efficient operational workflows, and a reduction in costs, with proven savings of 60-80 percent compared with traditional verification methods, according to the companies.
“Truv’s integration with Bright POS is paving the way for mortgage lenders to tap into unparalleled cost savings and enhanced profitability,” said Kirill Klokov, co-founder and CEO of Truv. “By merging Truv’s market-leading data with the easy-to-use platform, lenders have the opportunity to leverage decreased friction in the mortgage process, significantly increase conversion and drive loan volume.”