It’s one thing to automate the process of verifying a borrower’s income and employment data using consumer-permissioned technology, but it’s another thing entirely to incorporate this type of innovation into loan production workflows.
That’s why the Truv platform partners with multiple loan origination system (LOS) and third-party service providers, so our award-winning borrower verification technology can be used to streamline the often costly process of originating loans. And we just did it again.
Enter Dark Matter Technologies
In a groundbreaking move that will redefine the mortgage origination landscape, Truv has joined forces with Dark Matter Technologies (DMT) to integrate the all-in-one Truv platform with DMT’s loan origination platform, Empower, and DMT’s innovative ExchangeSM Service Network.
The all-in-one functionality of DMT’s Empower LOS provides lenders with lights-out automation, unrivaled efficiency and exceptional borrower and user experiences. But what makes DMT truly unique is Exchange, a highly trusted platform that connects lenders with over 17,000 third-party vendors, including credit, valuation, title, closing, document and signing servicers—and verification providers like Truv. This significantly streamlines communication, collaboration, and processing of third-party services for lenders in a secure and compliant manner.
Creating a Competitive Lift
Our strategic collaboration with DMT is poised to reshape income and employment verification processes, delivering unprecedented efficiencies to our mutual mortgage lending clients. It also offers a comprehensive solution that addresses some of the biggest pain points lenders face when manufacturing loans.
As part of DMT’s Exchange service network, lenders can leverage the Truv platform to create a more streamlined and efficient method of verifying borrower information. That’s because Truv provides lenders with direct access to a borrower’s income and employment data as well as essential documents such as paystubs and W-2s, directly from borrowers’ payroll accounts.
Ensuring Accuracy and Compliance
As part of the Empower LOS and Exchange network, Truv not only helps lenders accelerate loan origination timelines. Our live data connection also guarantees higher quality loans and greater accuracy, while eliminating the delays associated with manual document collection.
By automating income and employment verifications with the borrower’s permission, Truv reduces the type of bottlenecks involved with manually validating borrower data. Additionally, both Truv and DMT are committed to ensuring all interactions involving sensitive borrower data adhere to strict regulatory standards.
By offering a secure and compliant platform for income and employment verification, Truv enables lenders to mitigate risks and maintain trust with borrowers and regulatory bodies alike. This enables lenders to avoid the costly prospect of repurchasing loans containing inaccurate and sometimes fraudulent data.
If you’re ready to see Truv in action or learn about how Truv could work for you, reach out to the team today.
Improving the Borrower Experience
Of course, the real winners of this integration are consumers. By integrating solutions, Truv and DMT create a faster, more convenient borrower experience throughout the mortgage origination process. And by streamlining services, lenders are able to reduce the kind of loan processing delays that often prompt borrowers to look for another lender.
Overall, our partnership creates a more transparent mortgage transaction that improves borrower satisfaction levels and strengthens future relationships between lenders and borrowers. But that’s not all.
Most lenders that access Truv through DMT’s Exchange network can anticipate up to 80% in savings when verifying borrower data. And because Truv doesn’t charge anything for reverifying a borrower’s information, lenders can reduce the number of borrower interactions that slow down loan processing times. In fact, the Truv platform has been demonstrated to save lenders up to $350 per closed loan compared to the industry’s de-facto verification provider, The Work Number, which continues to increase its prices.
How Truv is Leading the Way
Covering 92% of the U.S. workforce and trusted by over 70 mortgage lenders, the Truv platform offers a powerful and comprehensive tool for lenders seeking to optimize their mortgage origination processes.
Truv is also an approved third-party service provider that supports GSE validation services like Freddie Mac Loan Product Advisor® (LPA) asset and income modeler (AIM). Our integration with AIM enables lenders using DMT to take advantage of the Truv platform to obtain and transmit information required for Freddie Mac’s LPA for AIM assessment.
Clearly, our partnership with DMT is a win-win for both lenders and borrowers. And it’s already available right now for any lender using Empower and the Exchange service network.
