Truv and Freddie Mac Collaborate to Enhance Mortgage Lending Processes
Truv, the innovative leader in asset verification, has announced a groundbreaking partnership with Freddie Mac, a well-respected name in the mortgage financing industry. This collaboration is set to transform the mortgage lending process by implementing automated asset verification through Freddie Mac's Loan Product Advisor® (LPA®), which includes the asset and income modeler (AIM). This new integration allows lenders to efficiently assess borrower assets, income, and employment status, streamlining the entire mortgage process.
The All-In-One Verification Solution
The essence of this partnership is to simplify the complexities faced by lenders when verifying borrower data. With Truv’s advanced technology, lenders can now access an all-in-one platform that automatically verifies income, employment, and assets. This eliminates the need for multiple verification providers, thereby reducing the costs and complications typically associated with the verification process. Kirill Klokov, CEO of Truv, emphasized the significance of this integration, stating, “Our expanded integration with Freddie Mac demonstrates the power of Truv's all-in-one verification platform.”
Truv's asset verification solution connects with over 13,000 financial institutions. It employs secure OAuth technology for 75% of its connections, allowing borrowers to securely link their bank accounts, thus providing lenders with immediate access to verified financial information. This not only expedites the verification process but also enhances the overall borrower experience.
Enhancing Access and Reducing Costs
Daniel Miller, Senior Director of Strategic Technology Partnerships at Freddie Mac, commented on the collaboration, highlighting how Truv's innovative approach aligns with Freddie Mac's goals of reducing the cost of origination and documentation burdens for lenders. This partnership is part of a larger initiative to make homeownership more accessible, breaking down barriers that often complicate the lending process.
By integrating Truv's verification solutions into Freddie Mac's AIM Check API, lenders can now conduct instant, automated assessments of vital documents such as paystubs and W-2s, streamlining the calculations needed for determining qualified income. The result is a more efficient, cost-effective lending process that significantly benefits both lenders and borrowers.
Key Benefits of Truv’s Verification Solution
The advantages of adopting Truv’s asset verification service are numerous:
- - Fraud Prevention: By utilizing real-time data directly from reliable sources, lenders can significantly mitigate the risk of fraud.
- - Reduced Manual Errors: The automation of data entries diminishes the chances of human error, leading to a smoother processing experience.
- - Cost Savings: Integrating these verification solutions can dramatically lower loan origination costs for lenders.
- - Increased Productivity: Lenders can save valuable time previously spent on data collection, allowing them to focus more on their core responsibilities and enhancing their overall productivity.
Implementation of Truv’s Solutions
Truv’s asset verification platform is designed for easy integration with existing systems. It can be deployed seamlessly through Truv's Dashboard as well as integrated into popular point-of-sale platforms such as nCino and proprietary loan origination systems like Encompass® by ICE Mortgage Technology. By securely retrieving asset information directly from borrowers' financial accounts, Truv is engineered to cut origination costs while reducing the risk exposure for lenders, all within a streamlined, single-step verification process.
To learn more about how Truv can optimize your business through consumer-permissioned verifications, you can reach out to their team directly. This partnership with Freddie Mac not only marks an important milestone in the evolution of mortgage lending but also sets a foundation for future advancements in financial technology, propelling the industry into a new era of efficiency and ease of access for all stakeholders involved.