November’s release cycle delivered key platform enhancements, expanded product functionality, and introduced new tools that empower our customers to deliver more streamlined, intuitive and compliant experiences.
Truv Product Updates
Approved for Freddie Mac Deposit-Based VOE
Our expanded integration with Freddie Mac’s LPA AIM now includes Deposit-based Verification of Employment (DVOE) through our Verification of Assets (VOA) solution, unlocking new representation and warranty (R&W) relief opportunities. When a Truv VOA report is generated at the front end of the loan, lenders can pull a supplemental deposit-based verification of employment report prior to closing to satisfy 10-day pre-closing requirements & employment R&WR.
Approved for Freddie Mac Securities & Retirement Account R&W Relief
For loans where a Truv asset report has been pulled and submitted to LPA, LPA will now assess for securities and retirement account representation and warranty (R&W) relief eligibility. This expands automation capabilities by assessing R&W eligibility related to the borrower’s investment accounts, including brokerage and retirement accounts.
Truv VOA Available in Tidalwave
Truv’s integration with Tidalwave has expanded to include Verification of Assets. The integration embeds Truv’s comprehensive full verification suite directly into the borrower application workflow, enabling lenders to instantly verify borrowers’ payroll and financial data directly from the source, upfront.
Introducing New API to Streamline Document Collection
We’ve launched a new Document Upload API that gives you complete control over document collection in your verification workflow. The new API enables validation and categorization of uploaded documents automatically, gives you the option to add files all at once with one call or incrementally, process entire collections or selectively finalize specific documents, and monitor progress with real-time status tracking at both collection and file levels.
Encompass Improvements
Truv’s latest Encompass integration updates put efficiency and customization first, introducing two new features that improve visibility and accelerate the verification process:
- Compare and Write Truv Report Data to Encompass Fields: When Truv’s Verification of Income and Employment (VOIE), Verification of Employment (VOE), or Verification of Assets (VOA) order is completed by the borrower, you can now instantly update your Encompass loan file with the returned data. Our intuitive, side-by-side comparison view displays your existing loan file data (1003 URLA value) alongside the Truv verification report results, allowing you to review and select exactly which fields to update. Reach out to Truv Customer Success to enable.
- Request Additional Paystubs Feature: Lenders can now access and download specific historical paystubs directly in Encompass to streamline income verifications that include pay increases, bonuses, commissions, and variable income, eliminating borrower requests and processing delays. Select available paystubs for a connected employer and view downloads in the eFolder and/or your computer. Contact Truv Customer Success to enable this feature.
Truv Dashboard Updates
- Request Additional Paystubs Feature: Access and download specific historical paystubs directly in Truv Dashboard to streamline income verifications that include pay increases, bonuses, commissions, and variable income, eliminating borrower requests and processing delays. Select ‘See additional paystubs’ in an order to view and download as needed.
- Configurable Order Notification Delays: Truv Embedded Orders now supports automated order reminders with customizable delays. Set and specify when end-users receive email and/or SMS notifications to improve conversion rates without manual follow-up.
- MFA Requirement for Users With API Key Access: To enhance security, all users with access to API Keys—Owners, Administrators, and Developers not using SSO—must configure MFA to access Truv Dashboard. Impacted users will receive direct communication with setup instructions in parallel with the December rollout.
Public Sector Updates
- Volunteer Verification Letter Upload Support: Truv is excited to announce that our Doc Upload product now supports Volunteer Letters, enabling state agencies to seamlessly verify clients’ community engagement activities. This expansion helps clients efficiently satisfy HR1 requirements by providing a streamlined solution for capturing and validating volunteer service documentation. Agencies can now process volunteer verification requests with the same speed and reliability they’ve come to expect from Truv’s platform, reducing administrative burden while maintaining compliance standards.
Conversion Improvements
Behind every data connection is Truv’s team of engineers actively monitoring performance, troubleshooting issues, and optimizing integrations. We work around the clock to keep the end users connections to payroll providers, employers, and financial institutions running smoothly.
Verification of Income & Employment
| Company | Prior 30 days | Last 30 days | Improvement |
|---|---|---|---|
| Dollar General | 40.51% | 62.66% | +22.15% |
| Paylocity | 73.12% | 76.95% | +3.83% |
Verification of Assets
| Financial Institution | Prior 30 days | Last 30 days | Improvement |
|---|---|---|---|
| Fidelity Investments | 80.26% | 92.96% | +12.69% |
| Chime | 74.19% | 86.89% | +12.69% |
Direct Deposit Switch
| Company | Prior 30 days | Last 30 days | Improvement |
|---|---|---|---|
| USPS | 60.90% | 65.8% | +4.89% |
| Target | 71.98% | 80.09% | +8.11% |
Upcoming Event
Join us and CrossCountry Mortgage for the first live event that unveils the #1 retail lender in the US’s success with consumer-permissioned income and employment verifications – saving an estimated $10M annually. This webinar will feature Co-Founder and CEO of Truv, Kirill Klokov, and EVP of Corporate Operations Support at CrossCountry Mortgage, Tom Durney.
Customers Come First
The improvements we’ve launched this month from client conversations, built to drive measurable ROI and meaningful operational results. Your insights shape our product direction, and we welcome your feedback!
