Truv, a provider of automated employment and income verification technology for mortgage lenders, banks, and credit unions, announced it is now an authorized report supplier for mortgage lenders using Fannie Mae’s Desktop Underwriter (DU) validation service.
Truv’s consumer-permissioned platform is now able to obtain and transmit income and employment data through the DU validation service.
Fannie Mae’s DU validation service uses third-party data vendors to independently validate borrower income, employment and asset data. By digitally validating secure third-party data through DU, lenders can help eliminate the paper chase and help get borrowers approved quickly, company leaders said.
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.
- 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,” Kirill Klokov, CEO of Truv, said in a release. “This partnership affirms our deep commitment to providing lenders with cutting-edge solutions that empower consumers while driving efficiency in the loan origination process.”
The all-in-one Truv platform is currently used by more than 100 mortgage lenders to verify a borrower’s income and employment information. With coverage of 92 percent of the U.S. workforce, Truv enables lenders to replace third-party borrower verification service providers and manual, error-prone methods of verifying borrower data.
Truv is currently integrated with point-of-sale and loan origination systems including Encompass, nCino, Floify, BeSmartee and Empower.
“At Fannie Mae, we are committed to digitizing the mortgage process,” said Peter Skarnulis, Fannie Mae’s vice president of single-family digital management solutions. “This collaboration is yet another opportunity for lenders to quickly and efficiently automate income and employment data verification, making the mortgage process more efficient for both lenders and borrowers.”