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Consumer-permissioned data platform Truv is out to sign more mortgage lenders as clients of its income and employment verification services following recent integrations with Dark Matter Technologies, Freddie Mac and nCino.
Truv announced Tuesday that integration with Dark Matter Technologies’ loan origination platform, Empower, and its Exchange service network will accelerate loan processing times by letting lenders pull income and employment data, along with documents like paystubs and W-2s, directly from borrowers’ payroll accounts.
Dark Matter Technologies (formerly Black Knight) connects over 17,000 service providers with mortgage lenders and servicers to streamline loan processing. Truv’s solution is now available on Empower and to any lender using the Exchange service network.
Truv claims integration with Empower LOS can not only save lenders time but slash the cost of verifying borrower income and employment data by up to 80 percent.
In December, Truv announced support for Freddie Mac’s Loan Product Advisor (LPA) asset and income modeler (AIM), which automates the assessment of borrower assets, income and employment for lenders.
Daniel Miller
“Approved third-party service providers like Truv support delivering the best tools and insights the industry has to offer,” Freddie Mac executive Daniel Miller said in a statement. “This collaboration will help lenders quickly and easily obtain income and employment verification.”
Last fall, Truv announced integration with the nCino Mortgage Suite, which the companies said is used by more than 50,000 mortgage originators.
Reduced demand for mortgages means lenders must maximize conversion of the applications they do receive, Truv CEO Kirill Klokov said at the time.
Kirill Klokov
“Any time the mortgage experience does not meet the elevated demands of today’s consumer, lenders risk fallout,” Klokov said in a statement. “Our partnership with nCino mitigates that risk by removing friction from the income and employment verification step to accelerate application conversation rates without increasing default risk.”
Truv’s platform solves this problem by providing financial organizations access to every consumer-permissioned financial data source available.
With access to data from 64 payroll providers and coverage of 2.3 million employers, Truv claims its platform covers 92 percent of the U.S. workforce and is used by more than 70 mortgage lenders.
In addition to income and employment verification, Truv supports employment history verification, paycheck-linked loans, verification of insurance, direct deposit switching and earned wage access.
Founded in 2020 and formerly known as Citadel API, Truv is partnered with Experian and closed a $25 million Series A funding round led by Kleiner Perkins in 2022.
Competitors include Truework, which has a strategic partnership with TransUnion, The Work Number from Equifax, and MeasureOne, which also touts consumer-permissioned data.
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