First Continental Mortgage, Ltd. reduces verification spend by $745,000 annually with Truv.

Overview

First Continental Mortgage, Ltd. is a builder-focused mortgage lender operating through 12 joint venture partnerships across the United States. Specializing exclusively in new construction lending, FCM manages complex verification workflows across multiple entities and platforms, funding nearly 7,000 loans per year.

Before partnering with Truv, FCM was spending approximately $2 million annually on a legacy VOIE vendor, with additional verification costs scattered across multiple third-party providers. By implementing Truv's consumer-permissioned verification solutions across both Encompass and nCino, FCM is on track to save $745,000 annually while improving processor efficiency and borrower experience.

Challenge

As a company managing 12 distinct joint venture businesses in the builder space, FCM faced unique verification challenges that required a coordinated, scalable solution:

• Excessive verification costs — FCM was spending $2M annually on the legacy VOIE vendor with costs compounded by their to-be-built loan model requiring multiple re-verifications over 6-9 month construction periods.
• Fragmented vendor ecosystem — Processors had access to multiple verification providers, including VOIE and VOA, leading to inconsistent processes, duplicate verification costs, and an inefficient borrower experience.
• Limited vendor support — Previously widely-used verification vendors provided little to no customer support, creating bottlenecks when processors needed assistance. Without quick issue resolution, loan milestones extended unnecessarily, frustrating both FCM's team and the borrowers depending on them.
• Complex rollout requirements — With 12 separate joint ventures, implementing company-wide solutions required strategic change management and phased deployment.

FCM needed a partner that could deliver cost savings, tailored support, and flexible integration across their existing platforms: nCino point-of sale and Encompass loan origination system.

Solution

Truv worked closely with FCM's operations team to implement a phased rollout strategy that prioritized both quick wins and long-term adoption:

• Dual-platform integration: Truv deployed VOIE and VOA solutions across both Encompass and nCino, positioning Truv as the first line of defense in the verification waterfall in the loan application while streamlining pre-closing verifications in the LOS with cross-platform automation.
• All-in-one vendor: Truv’s income/employment verification (VOIE) and asset verification (VOA), replacing multiple legacy vendors with a single, streamlined solution.
• Hands-on partnership: To minimize initial implementation challenges and pave the clearest path toward copay-wide adoption, Truv mobilized a cross-functional team including sales leadership, customer success, and product/engineering to address concerns head-on and customize solutions.

The implementation quickly evolved over several months, with Truv adapting to FCM's feedback and ultimately delivering a solution that met their unique multi-entity structure.

Outcomes

At a Glance:

Estimated $745,000 Annual Savings Over Legacy VOIE Solutions

By optimizing their verification waterfall that positions Truv upfront, FCM estimates $745,000 in annual cost savings, significantly reducing income and employment verification expenses compared to legacy providers.

4-Hour Support Response Time

Unlike previous vendors where FCM couldn't reach a human for 2 years, Truv provides responsive support with typical 4-hour response times. This level of service enables processors to resolve issues quickly rather than working around problems or ordering duplicate verifications.

Streamlined Multi-Entity Rollout

FCM successfully deployed Truv across all 12 joint venture entities. Despite the complexity of managing multiple businesses, Truv's dedicated customer success team hosted a series of trainings, provided supplemental enablement material, and drove weekly touchpoint meetings to help FCM achieve consistent adoption across the organization.

Accelerated Loan Processing

FCM’s processors report that Truv's report structure makes it easier to identify commission income and match data to pay stubs, reducing underwriting questions and the need for additional verifications, reducing turn times by 1-2 days.

8% Uplift in Buyback Protection Across More Loans

Truv delivered an 8.21% uplift in income validation and 4.54% uplift in employment validation for loans qualifying for rep and warranty relief, expanding buyback protection across more loans. This uplift reduced risk exposure and strengthened FCM’s loan portfolio performance.

White-Glove Partnership and Ongoing Support

FCM's journey with Truv demonstrates the power of vendor partnerships that prioritize customer feedback and continuous improvement:

• Cross-Functional Team Approach: Truv brought in technical, product, engineering, and customer success leaders, including the COO, to build customized features and adoption-driving strategies, specific for FCM's workflow.
• Responsive Support: As adoption ramped post-launch, Truv’s 4-hour support team response times enabled a friction-less path to issue resolution, quickly addressing escalations to unblock barriers to loan approvals due to verifications.
• Collaborative Roadmap: Truv continues to work side-by-side with FCM's operations team to refine integrations, enhance automation capabilities, and expand feature functionality. Truv's product evolution aligns with FCM's business needs and supports their growth across all joint venture entities.
• Multi-Entity Training & Enablement: Truv conducted phased training sessions across FCM's 12 joint ventures, using a strategic rollout approach that allowed FCM to test workflows, gather processor feedback, and refine adoption strategies before scaling company-wide.

Future State

FCM and Truv will continue to work together on workflow automation and operational enhancements that will drive greater efficiency, scale adoption across all joint ventures, and deliver even more cost savings in the years ahead.

By optimizing verification processes and reducing manual touchpoints, FCM is optimizing toward an industry-leading, borrower-friendly verification experience that saves time for processors and loan officers. With planned Encompass automation improvements, including automating the 10-day pre-closing VOE with Truv, FCM is expecting to reduce loan processing time by 1-2 days.

Conclusion

Through its partnership with Truv, First Continental Mortgage, Ltd. is transforming how it manages verifications across their growing joint venture businesses—achieving an esitmated $745,000 in annual savings, dramatically improved vendor support, and streamlined operations across both nCino and Encompass platforms.

This collaboration demonstrates the importance of vendor partnerships that evolve based on customer feedback, turning early implementation challenges into long-term success through responsive support and a continuous feedback loop built on trust and solution delivery.

About First Continental Mortgage, Ltd.

First Continental Mortgage, Ltd. specializes in new construction lending through 12 joint venture partnerships with builders nationwide. Based in Houston, Texas, FCM focuses exclusively on builder business, managing complex verification requirements across to-be-built and completed home transactions.
Learn more at www.firstcontinentalmtg.com

About Truv

Truv empowers lenders to instantly verify income, employment, assets, and insurance data directly from the source. With best-in-class coverage, configurable workflows, and a focus on consumer-permissioned data, Truv helps financial institutions streamline underwriting while dramatically reducing costs.
Learn more at www.truv.com