The Truv team spent September building and releasing an array of features and enhancements to our open finance platform, all of which were centered around optimizing the user experience for our clients and their customers. We’ve taken our consumer-permissioned products – which are already proven to improve our client workflows – and leveled them up with conversion top of mind.
Truv Platform Updates
Encompass Improvements
Truv has added a number of improvements to our integration with Encompass to equip lenders with heightened ease of use during the verification of income and employment process.
- Coverage Indicator in Encompass: As a fast follow to the coverage indicators added to Truv Dashboard and the Truv Dashboard Order Creation Form, we’re excited to have added these indicators to the Encompass Order Form. For Verification of Income and Employment, the historical success rate associated with each employer or income source populates for heightened visibility prior to deployment of an order to a borrower. Loan Officers and Processors are well-equipped to use the coverage insights to:
- Optimize usage of Truv for orders that indicate companies with moderate and high historical success rates companies.
- Remove friction from the borrower experience by not introducing a consumer-permissioned verification method for orders that indicate companies with low historical success rates.
- Automatically Add SMS Notifications to Orders: Previously, when an order was created and sent to a borrower, the SMS notification option had to be manually selected. Now, lenders have the option to send borrowers SMS notifications automatically. The cell phone number submitted on the loan application is used by default. Reach out to the Truv Implementation Team to enable this setting.
- Create Orders With SMS Number or Email Present: Previously, we required the borrower email address for all verifications to create an order in Encompass. Now, orders can be created for borrowers when an email, SMS number, or both, are on the loan. application. This feature also applies to ASO, as long as the Automated Readiness Conditions are set in the Service Order to trigger.
Conversion Improvements
At Truv, we prioritize conversion because it’s the key to delivering results for our customers. To achieve this, we continuously monitor and optimize our integrations with payroll providers and employer connections, ensuring speed and efficient data parsing. We’ve made significant improvements for integrations that previously had issues.
Verification of Income & Employment:
- USPS: +42.47% improvement over the last 30 days
- Waffle House: +88.54% improvement over last 30 days
- Dollar General: +49.29% improvement over the last 60 days
- Cracker Barrel: +42.11% improvement over last 60 days
Truv Dashboard & Order Updates
For Truv Dashboard users, we’ve released new features to enhance the experience and provide end-to-end visibility, including:
- Status Update Notifications: Loan officers and loan processors are now able to receive emails based on order tasks as a borrower receives and completes verifications, ensuring the loan file stays on track with all critical players having heightened visibility on verification status.
Truv Bridge Updates
On the consumer end of Truv, we’ve released an array of enhancements to optimize the user experience, including:
- Native Login for Social Security Administration: Truv’s mobile SDK now facilitates direct authentication on the Social Security Administration (SSA) website for consumers. This streamlined process eliminates the need for credential sharing with Truv, significantly enhancing security and user privacy.
Upcoming Events
From regional and annual events to a range of webinars, Truv is always looking forward to syncing with our industry peers to make a difference with consumer-permissioned data. Here’s what we’ll be up to in the coming weeks:
Events
MBA Annual
As a sponsor of this year’s MBA Annual, the Truv team is looking forward to seeing customers and industry peers at the Colorado Convention Center in Denver at our booth #119 in The Hub Expo from October 27-30. Attending? Meet with the Truv team on site!
Webinars
Mastering Mortgage Tech Adoption: From Internal Alignment to Execution
Who’s ready for our official integration announcement with Byte? Truv is hosting a webinar to show you the demo – live – in action. With both Byte and Truv team members co-hosting, you’ll be able to ask questions directly to the experts. Secure a spot!
Customers Come First
Driving our customers to new success milestones has always been a priority for us. Whether we’re running an A/B test with other consumer-permissioned vendors, building custom features, or releasing new products and integrations, day in and day out, our focus is on our customers! Do tell us if you have any questions or feedback? We love to hear it.
