#USA #New York #Fannie Mae #Truv #Desktop Underwriter

Truv's New Role as an Authorized Asset Report Supplier for Fannie Mae

On June 16, 2025, Truv, a prominent provider specializing in consumer-permissioned income, employment, and asset verification, announced its new status as an authorized asset report supplier for mortgage lenders utilizing Fannie Mae's Desktop Underwriter® (DU®) validation service. This impressive development signifies a pivotal enhancement in the verification process for mortgage lending which is expected to streamline operations and improve efficiency.

A Breakthrough for Mortgage Lenders

Verifying a borrower's assets has always been a critical yet challenging step in the mortgage approval journey. Traditionally, it has been an area fraught with complications and extensive documentation. However, with Truv's solution, lenders can now electronically validate asset data supplied by secure third-party sources through Fannie Mae’s DU validation service. This transition marks a significant reduction in the time and paperwork typically associated with obtaining asset verifications, as lenders can expect quicker approvals for their borrowers.

What further adds to the allure of Truv's offering is the promise of Day 1 Certainty® from Fannie Mae, which provides lenders with a keen assurance regarding the asset data being verified. This new asset verification feature comes nearly one year following Truv's earlier announcement regarding its income and employment verification capabilities.

Streamlining Processes with Technology

Boasting over 120 current users among mortgage lenders, Truv's platform is increasingly pivotal to the industry's modernization efforts. The robust, all-in-one verification platform not only enables lenders to connect with more than 13,000 financial institutions but leverages secure OAuth technology that accounts for over 75% of its connections. This comprehensive approach significantly lowers verification costs and enhances operational efficiency by eliminating the often error-prone manual processes associated with traditional verification methods.

Kirill Klokov, CEO and Co-Founder of Truv, stated, "By incorporating our comprehensive asset verification capabilities into the Desktop Underwriter® (DU®), we're completing the trifecta of necessary verifications—income, employment, and assets—essential for lenders. This innovation goes beyond merely introducing a new data source; it is fundamentally transforming the verification process for lenders."

Advantages of Truv’s Asset Verification Process

By incorporating Truv’s data into the DU system, several key benefits are presented to lenders:

• - Increased Loan Quality: Lenders experience reduced repurchase risk with validated income, employment, and asset data offered through Truv, ensuring higher loan quality.
• - Streamlined Verification: The asset report allows for the verification of large deposits while alleviating the need for excessive documentation.
• - Cost Efficiency: Lenders can save between 60% to 80% on verification expenses by utilizing Truv’s resources.
• - Enhanced Borrower Experience: With less documentation and faster approvals, borrowers enjoy a smoother and more efficient process.
• - Operational Improvements: Direct access to validated data enables lenders to expedite approval processes and improve service delivery.

Peter Skarnulis, Vice President of Business Account Management Solutions at Fannie Mae, emphasized, “With Desktop Underwriter® (DU®), lenders can reap even greater benefits from submitting a comprehensive 12-month asset report. We continuously seek methods to help lenders streamline operations while enhancing the borrower experience, and this enhancement represents a step forward in that journey.”

Getting Started with Truv's Solutions

Truv's asset verification solution is tailored to integrate seamlessly with existing workflows and is readily available through the Truv Dashboard, as well as integrations with platforms like nCino's point-of-sale and Encompass® by ICE loan origination system.

With the ability to extract asset data directly from a borrower's financial accounts automatically, Truv ensures a reduction in both origination costs and associated risks in a single stroke.

For those interested in transforming their mortgage processing capabilities, the Truv team is ready to demonstrate how their all-encompassing verification solutions can revolutionize your lending processes.

About Truv

Truv has established itself as a critical player in the mortgage industry's verification space. Through its open finance platform, Truv allows lenders to verify borrowers’ income, assets, and employment within a single streamlined process, enhancing efficiency and reliability. For more information, visit truv.com.