Floify Supports Truv’s Verification Of Borrower Income And Employment Service Via New Integration
Floify, a point-of-sale (POS) solution, launched an integration with Truv, a consumer-permissioned data platform. The integration enables borrowers to electronically verify their income and employment as they apply for a mortgage loan.
Manual verification of income (VOI) and verification of employment (VOE) is a frustrating and time-consuming process for borrowers and a major source of production friction for mortgage lenders. Truv’s ability to electronically verify income and employment for 95% of the U.S. workforce supports a better borrower experience while helping lenders make faster and more cost-effective underwriting decisions.
Floify allows lenders to create customizable borrower journeys without costly development work and automated task workflows that promote lending efficiency. When borrowers opt to electronically verify income and employment through Floify’s borrower portal, Truv automatically retrieves two years of W-2s, paystubs, bank statements and 1099s, providing lenders with information needed to pre-approve borrowers. By procuring VOI and VOE reports at the point of application, lenders can pre-approve borrowers faster while reducing production costs and risk.
In March, Floify released Lender Edition to help lenders support a best-in-class borrower experience while streamlining production and controlling costs. “We are always looking for ways to improve the lending experience for both homebuyers and lenders, and this integration accomplishes both,” said Sofia Rossato, Floify’s president and general manager. “This integration not only achieves that but also caters to users who favor Truv’s efficient verification services. Simplifying VOI and VOE empowers borrowers and lenders with a smoother, faster path to home financing.”
“From our perspective, the timing of this integration will be welcomed by lenders looking to scale back costs, saving 60-80% compared to traditional verification providers. Lenders now have the opportunity to maximize pull-through of the applications they receive, realize a substantial increase in conversion, and reduce risk and fraud end-to-end,” said Kirill Klokov, CEO at Truv.
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