Income and employment verifications are critical steps in financial service processes that let lenders evaluate borrowers and make informed decisions. Fast, accurate verifications help speed up lending and other approval processes and can positively impact conversion rates and client satisfaction.
Truv was designed with streamlined verifications and optimized conversion rates in mind. Implementing Truv income verification technology can help mortgage lenders, banks, and credit unions capture higher-pull through rates, lower operational overhead, realize significant cost savings, and deliver a digital experience to replace an otherwise manual, cumbersome verification process.
Understanding Conversion Rates
Instant Databases
Traditionally, lenders and other organizations that leverage instant databases for verifications of income and employment have been accustomed to thinking about conversion as a measurement defined by “hit rate.”
The misconception around hit rate with instant databases is that there are many cases in which the coverage of an employer is present, but there is a problematic gap in data quality and verification reports.
A successful hit lacks a comprehensive view into conversion as it does not equate to end-to-end conversion. Although the database matches with an employer (“a hit”), the data retrieved is often stale, incomplete, and not actionable for lending decisions, or submittable for GSEs to receive rep & warrant relief.
Consumer-Permissioned Verification Providers
When evaluating consumer-permissioned verification providers, conversion rates are crucial – but it’s important to understand how each vendor defines “conversion.” Truv takes a more comprehensive approach, defining conversion as accounts that are not only successfully connected but also connections that return usable data, source documents, JSON, and the Truv-generated report. In contrast, other consumer-permissioned vendors define conversion solely on successful account connections, which may not always translate to actionable data.
1. Fast and Accurate Income Verification Data Collection
For lenders, the meaning behind employment verification or income verification involves seeking data required to make a decision about approvals or services. Truv’s consumer-permissioned technology supports automated verification in minutes, reducing friction for businesses and consumers.
Real-time income and employment data access can accelerate application processes, making customer experiences better whether you’re managing employment verification for home loan processes or other income verification tasks. Truv payroll coverage includes 96% of the workforce in the United States, ensuring a greater chance of conversion with each verification. Truv covers 2.3+ million employers, spanning a range of income sources, including, including W2 employees, gig economy, NASDAQ, healthcare, private companies, and benefits, disability, and retirement recipients.
Truv’s VOIE solution has been built to maximize conversion rates by providing borrowers with easy ways to share their data. Truv currently maps nearly 300,000 employers directly to payroll providers & counting, meaning if someone works for a mapped company, they will be asked to log in via their company credentials. This creates less friction and increases conversion rates. Truv also supports 35 enterprise single-sign on providers and 932+ custom-built single-sign on pages specific to employers. This supports a seamless experience for borrowers when asked to sign in with their SSO credentials instead of entering their payroll information.
Truv supports an excellent user experience via a streamlined process that makes it easy for customers to complete verification steps. While you can enhance this even further by providing income verification examples and instructions so borrowers and other users understand why verification is important and how to complete it, Truv is optimized to minimize friction for applicants.
All-in-all, Truv’s intuitive interface helps reduce borrower drop-off, and the user-friendly design encourages borrowers to complete the process.
2. Seamless Integration With Existing Solutions
While it’s designed to provide a single platform for all your verifications, Truv also integrates with your current systems to minimize disruption, streamline your workflow, and support the loan application and underwriting process. Truv is compatible with a range of loan origination systems and point-of-sale platforms, ensuring income and employment verification processes fit into your technology stack.
For example, you can implement Truv without any code with your POS integrations, such as BeSmartee, LenderLogix, Floify, Lodasoft and nCino. LOS integrations include Encompass® by ICE Mortgage Technology®, Byte Software, and Empower by Dark Matter Technologies. When Truv is implemented in a loan origination system, Truv clients have seen 55%+ conversion rates.
The Truv team has also noted a positive correlation between automated verification orders and higher conversions. When lenders, banks, or credit unions implement Truv verifications in a loan origination system and configure back-end settings to trigger verifications automatically, based on certain milestones or conditions, conversion has been proven to increase.
When Truv is embedded into your point-of-sale, the Truv Bridge auto-displays as a step within the loan application, prompting every borrower to verify via Truv early in the loan process. This ensures underwriters and loan officers have the information needed to process loan applications without contacting borrowers to request more data.
Seamless integration lets you implement Truv without investing time and money in lengthy technology implementations. Truv’s API makes it easy to integrate with a number of platforms without drawing heavily on your internal tech resources or bringing in contractors to complete a code-heavy project.
3. Enhanced Security and Compliance
When you’re dealing with the sensitive personal data involved in income and employment verifications, it’s essential to ensure your solutions are compliant and secure. The solution achieves a high level of security certification, and Truv maintains compliance with federal financial data reporting requirements.
Truv is a credit reporting agency, so we take the following steps to safeguard private data:
- Encryption: Truv uses the Advanced Encryption Standard (AES-256) and Transport Layer Security (TLS) to prevent unauthorized access to your personal information.
- Robust monitoring: Truv uses intrusion-detection software to block unauthorized access to its network.
- Compliance: As a licensed credit reporting agency, Truv meets all standards outlined in the Fair Credit Reporting Act. We also comply with the SOC II framework.
- Independent testing: We have financial institutions and researchers conduct regular audits of our security measures.
The comprehensive platform provided by Truv also enhances security, as home insurance verifications, document uploads, asset verification, verification of income and employment can be completed from a single solution. This reduces how often data needs to be shared, reducing opportunities for data entry errors and security breaches.
4. All-In-One Verification Solution
Truv is designed to be a one-stop solution for lenders, banks, and credit unions. With convenience and efficiency always top of mind, Truv was built with a full suite of verifications made available as an all-in-one platform. With multiple vendors, lenders can solve for income and employment, document upload, assets, and home insurance; however, by leveraging one vendor for all verification needs, lenders, banks, and credit unions can tap into a partnership that reduces reliance on multiple vendors and streamlines the vendor management process. Truv’s waterfall solution includes:
- Income and Employment Verification
- Document Upload
- Asset Verification
- Home Insurance Verification
Truv’s all-in-one platform is built to optimize conversion. Depending on the solutions and implementation strategy, Truv conversion rates average 30-60%+.
5. Advanced Analytics and Reporting
Analytics tools help businesses monitor Truv employment verification processes to make proactive improvements and provide immediate support when necessary. By tracking key metrics, Truv helps you identify drop-off points to improve the customer journey.
Thanks to Truv’s white-glove customer success team, you can implement income and employment verification best practices backed by an experienced and knowledgeable team. That includes a tailored go-live plan for your business and support to help you drive adoption and conversion as you increase your use of Truv.
Contact Truv for more product information.
Frequently Asked Questions
What compliance standards does Truv meet?
Truv has obtained SOC2 Type II Certification and is compliant with the Fair Credit Reporting Act (FCRA).
Why is data collection speed important in verification?
Faster data collection speeds reduce consumer drop-off rates, enhance client satisfaction and help ensure you get the most accurate and up-to-date information possible.
