In March 2024, Truv had the pleasure of becoming a Preferred Provider of Lenders One®, a national alliance of independent mortgage bankers, banks, and credit unions dedicated to helping its members maximize revenue, reduce costs, and improve decision making.
More recently, in a unified step toward further advancements to streamline the mortgage application process, Truv has integrated with LOLA™, Lenders One’s Loan Automation™ platform available exclusively to its members. Implemented to enhance the user experience for mortgage lenders and borrowers, mortgage lenders who leverage Lenders One now have access to Truv’s instant, real-time verification of income and employment product, implemented to improve the user experience for mortgage lenders and borrowers alike.
What This Integration Means for Mortgage Lenders
LOLA™ has been at the forefront of providing cutting-edge tools to mortgage lenders, helping them manage the lending process with greater ease and efficiency. By integrating Truv’s verification products into LOLA™, mortgage lenders can now access cost-effective, direct-to-source income and employment data directly within the platform, significantly reducing the time and effort required for manual verifications.
This integration enables Lenders One members to:
- Improve Decision-Making: With instant access to accurate, up-to-date income, employment, and asset information, lenders can make more informed lending decisions, reducing the risk of errors or fraud.
- Enhance Borrower Experience: The streamlined verification process reduces the back-and-forth typically associated with mortgage applications, allowing borrowers to experience a faster, smoother path to loan approval.
- Increase Operational Efficiency: Automating the verification process reduces the administrative burden on lenders, freeing up valuable resources to focus on other aspects of loan processing and customer service.
How the Integration Works
The integration of Truv’s verification products into LOLA™ is designed to be seamless, providing Lenders One members with a frictionless experience. Within the LOLA™ interface, lenders select Truv as the verification provider and create an order to send to a borrower in just a few clicks. Once a borrower consents to the verification process, Truv’s technology quickly and securely pulls the necessary income and employment data from the borrower’s payroll provider. This data is then automatically populated as a Truv Report within LOLA™, where lenders can review it as part of the mortgage application process.
This automated process eliminates the need for borrowers to manually submit documents like pay stubs or bank statements, which can often be a time-consuming and error-prone process. Instead, lenders receive verified data directly from the source, ensuring its accuracy and reliability.
The Impact on the Mortgage Industry
The mortgage industry has long been burdened by the complexities of manual verification processes, which can lead to delays, errors, and frustration for both lenders and borrowers. Truv’s integration with LOLA™ addresses these challenges head-on, offering Lenders One members a modern solution that aligns with the industry’s shift towards digital transformation.
By leveraging Truv’s technology, mortgage lenders using the LOLA™ platform can now offer a more competitive, efficient, and customer-centric service. This not only improves their operational effectiveness but also positions them as forward-thinking leaders in an increasingly digital marketplace.
Unveiling a Complete Solution for Lenders
As a fast follow to offering verification of income and employment within LOLA™, Truv’s verification of assets product, a direct-to-source solution that pulls financial account data, as well as Truv’s document upload product, an automated, human-free payroll VOIE alternative, will become available for Lenders One members to leverage a complete solution within LOLA™. This means easier qualifications, faster approvals, and more loans closed.
Looking Ahead
As the mortgage industry continues to evolve, the demand for digital solutions that enhance speed, accuracy, and user experience will only grow. Truv’s integration with LOLA™, the Lenders One Loan Automation™ platform, is a prime example of how technology can be harnessed to meet these demands, setting a new standard for the industry.
