Truv To Offer Income And Employment Verifications Through Fannie Mae’s DU 

Truv, a provider of automated employment and income verification technology for mortgage lenders, banks and credit unions, is now a conditionally authorized report supplier for mortgage lenders using Fannie Mae’s Desktop Underwriter (DU) validation service. After final approval, which is expected later this year, Truv’s consumer-permissioned platform will be able to obtain and transmit income and employment data through the DU validation service.

Fannie Mae’s DU validation service uses third-party data vendors to independently validate borrower income, employment, and asset data, providing lenders with Day 1 Certainty on validated loan components. By digitally validating secure third-party data through DU, lenders can help eliminate the paper chase and help get borrowers approved quickly.

A recent recipient of the 2024 HousingWire Tech100 Mortgage Award, the all-in-one Truv platform is currently used by more than 100 mortgage lenders to verify a borrower’s income and employment information. With coverage of 92% of the U.S. workforce and success rates higher than competitors in the income and employment verification space, Truv enables lenders to replace costly, third-party borrower verification service providers and manual, error-prone methods of verifying borrower data, with cost savings and faster times to close by two days or more. Truv is currently integrated with leading point-of-sale and loan origination systems, including Encompass, nCino, Floify, BeSmartee and Empower, and has demonstrated savings of up to $350 or more per closed loan.

As an authorized report supplier for Fannie Mae’s DU validation service, the Truv platform will enable lenders to:

• Reduce risk of fraud and buybacks by leveraging real-time data directly from the source
• Lower costs by reverifying a borrower’s income and employment data at no additional expense
• Accelerate growth by increasing pull-through rates and closing loans faster 
• Improve productivity by reducing time spent collecting data to underwrite loans

“We are thrilled to announce our collaboration with Fannie Mae, a pivotal step in our mission to revolutionize the mortgage industry,” said Kirill Klokov, CEO of Truv. “This partnership affirms our deep commitment to providing lenders with cutting-edge solutions that empower consumers while driving efficiency in the loan origination process.”

Truv’s platform is unique in the borrower verification landscape by prioritizing consumer empowerment and data control. Unlike traditional verification providers, Truv puts consumers in the driver’s seat by allowing them to securely share their income and employment information directly from their payroll accounts. As a result, Truv not only enhances data privacy and security but also fosters trust between borrowers and lenders while providing a seamless and transparent experience.