In The NewsIntegration

Truv Offers Automated Employment And Income Verification Through Freddie’s LP Advisor As AIM Provider

Truv, a provider of automated employment and income verification technology for mortgage lenders, banks and credit unions, is now a service provider supporting Freddie Mac Loan Product Advisor (LPA) asset and income modeler (AIM). Truv’s new integration with AIM enables lenders to use the Truv platform to obtain and transmit the information and data required to Freddie Mac’s LPA for the AIM assessment.

With coverage of 92% of the U.S. workforce, the Truv platform is currently used by more than 70 mortgage lenders and integrated with leading point-of-sale and loan origination systems. By empowering lenders to verify a borrower’s information in one platform, 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.

Independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks reported a pre-tax net loss of $1,015 on each loan they originated in the third quarter of 2023, an increase from the reported loss of $534 per loan in the second quarter of 2023, according to the Mortgage Bankers Association (MBA). However, Truv has recorded savings of up to $350 or more per closed loan through its all-in-one borrower verification platform, giving lenders an opportunity to counter the losses, according to Kirill Klokov, co-founder and CEO of Truv.

“We are proud to collaborate with Freddie Mac to help lenders streamline their origination processes,” Klokov said. “More than ever, lenders need robust, safe technology to lower their origination costs while reducing risks. By automatically extracting income data from a borrower’s payroll accounts, our platform does both, while empowering lenders to verify the borrower’s information in a single step.”

AIM is a capability within Freddie Mac’s LPA that automates the assessment of borrower assets, income and employment for lenders. By leveraging the expertise of third-party service providers like Truv, AIM helps deliver a simpler, more efficient loan origination process. As an AIM service provider, Truv’s enterprise open finance platform automatically takes borrower-submitted payroll information and instantly verifies over 100 unique borrower income and employment data points in real time.

“Approved third-party service providers like Truv support delivering the best tools and insights the industry has to offer,” said Daniel Miller, Freddie Mac Single-Family Director of Strategic Technology Partnerships. “This collaboration will help lenders quickly and easily obtain income and employment verification.”