Government sponsored enterprise Freddie Mac has approved mortgage technology company Truv for both payroll verifications and consumer-permissioned income.
With the new integration, lenders will have access to the Truv platform to obtain and transmit information and data required on Freddie Mac’s Loan Product Advisor platform for the income modeling assessment without needing a third-party verification.
“We are proud to collaborate with Freddie Mac to help lenders streamline their origination processes,” Kirill Klokov, co-founder and CEO of Truv, said in a statement. “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.”
Truv says it’s different than some competitors because it eliminates the middleman and pulls payroll directly, which reduces costs. Founded in 2020, Truv covers more than 150 million Americans via 12,800 unique integrations to payroll providers, employers, and gig platforms, according to the firm’s website. Truv says it’s all-in-one borrower verification platform helps mortgage lenders save $350 or more per closed loan.
“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.”
More than 70 mortgage lenders currently use the Truv platform; it is also integrated with leading point-of-sale and loan origination systems.
In October, Truv announced a new integration with cloud banking provider nCino, allowing lenders who use the nCino Mortgage Suite to benefit from Truv’s ability to instantly verify income and employment for most of the U.S. workforce.
Blend, Equifax, Experian, Finicity and Informative Research are also approved on Freddie Mac’s AIM platform.
