Verifying the employment and income of gig-economy workers is about to get a lot easier at more than 15,000 lending institutions that use Truework, an API-enabled verification platform.
Over the next few months, Truework is rolling out Credentials, a new service that lets workers log into their payroll provider to share verified income and employment data with their mortgage lender or other authorized third parties.
Integrations with more than 150 payroll providers and gig economy marketplaces including Gusto, Zenefits, UKG, and Paylocity means “hundreds of thousands” gig workers will be able to share their data in a few clicks.
“It’s always been hard for 1099 employees to get the same access to loans and other financial products as W2 employees,” Truework CEO Ryan Sandler said in a statement. “A big reason is that accessing verified income data for 1099 employees hasn’t been possible for most banks. Truework Credentials will enable the thousands of banks on Truework to expand credit access to underserved 1099 borrowers.”
Sandler told Inman that Credentials is one part of one-stop solution for mortgage providers and other lenders.
“We have a waterfall of logic that verifies your income, starting with the fastest, most seamless way possible,” Sandler said.
With the borrower’s consent, Truework can provide instant employment and income verification for more than 35 million workers through its Truework Instant network, which the company claims is the second-biggest instant verification network in the U.S.
If a worker’s data isn’t available through the Instant Network, Credentials lets them log in to their payroll provider and send it to their lender in a few clicks, without uploading a PDF.
“It’s seamless and digital,” Sandler said.
If a worker’s not covered by Truework Instant or Credentials, Truework will turn to its “Smart Outreach” service, which provides manual verifications by phone or other means. Truework says it can turn 80 percent of manual verifications around in less than 48 hours.
Sandler said Credentials has been live with a handful of banks and lending institutions for a few weeks, and will become available to all of its customers over the next few months.
Mortgage lenders can also take advantage of Truework’s integration with ICE Mortgage Technology’s Encompass loan origination platform.
The Encompass integration, announced last month, “has been a massive success for Truework so far, leading to 48 new customers to date, including one of the largest deals in the company’s history,” a spokesperson told Inman via email.
Competing employment and income verification services include include Equifax Work Solutions, Experian-owned CCC Verify, EmpInfo, Finicity, and InVerify.