Streamlining Verifications of Income & Employment (VOIE)
Truv’s initial integration with the industry-leading Loan Origination System (LOS), Encompass® by ICE Mortgage Technology, marked a significant milestone in mortgage lending by merging two transformative platforms to deliver optimal user experiences for lenders and their borrowers. The integration has since leveled up with Encompass’s decision to expand their Automated Service Ordering (ASO) feature to include Truv as an option for lenders.
Encompass has added Truv’s direct-to-source Verification of Income & Employment (VOIE) product for loan officers to automate orders for income and employment verifications from within the LOS platform. The Automated Service Ordering feature equips lenders with the ability to make data-driven decisions with precision in an instant, leading to faster loan processing times, diminished manual intervention, improved accuracy, and an enhanced borrower experience.
Truv x Encompass ASO
Truv operates on a consumer-permissioned model, empowering users, or mortgage borrowers, to verify income and employment by seamlessly logging into their payroll system, and, simultaneously deliver the extraction of precise, direct-to-source data securely back to the lender in seconds.
Prior to the recent release of Truv’s integration with the Automated Service Ordering feature within Encompass, loan officers and loan officer assistants had to manually initiate a Truv Order. Now, the new automated feature eliminates this manual step, providing a time-saving solution. The automatic triggering is particularly advantageous at the loan creation stage in Encompass, expediting the verification process and time to close.
If you’re ready to see Truv in action or learn about how Truv could work for you, reach out to the team today.
Truv x Encompass ASO: How it Works
From automated document collection to real-time risk assessment, Truv’s innovative solutions complement Encompass’s existing ASO feature, creating a seamless workflow that maximizes productivity.
With Truv, the ASO feature is triggered, meaning that a VOIE order is automatically sent to a borrower, when the loan file within Encompass checks the requirements preset on the back end of the system. The requirements, or conditions that must be met, include a set of default criteria: name, email and employer. However, the conditions are customizable to meet the specific needs of lenders and may be modified to best serve loan officers.
- Once the borrower is sent the order, Truv notifies the loan originator, offering a valuable touch point opportunity to call and explain next steps with the borrower.
- If an automatic trigger failure occurs, the LO and borrower will not receive notifications. As an immediate solution, the loan officer or loan officer assistant are able to view the loan file in the Truv UI in Encompass and proceed with the loan application.
Review our Docs page for more on Automated Order setup, or reach out to Truv team today.
The Truv Difference
By harnessing the power of Truv, lenders are equipped to:
- Access eligible verification reports for the Desktop Underwriter® (DU®) validation service so you can get Day 1 Certainty from Fannie Mae on validated loan components.
- Access automated assessment of income and employment through Freddie Mac Loan Product Advisor® asset and income modeler (AIM).
- Reduce risk and fraud with direct-to-source data from payroll providers through 200+ secure API integrations.
- Improve turnaround times and time to close by verifying borrower data in less than 45 seconds.
- Make smarter underwriting decisions based on our data quality that leads the market with a 95% accuracy rate.
- Leverage Truv’s ASO and easily configure when to trigger Truv, automatically create verifications, and save operations teams’ and loan originators’ time.
Conclusion
Truv’s integration with Encompass is a proven path toward success for a number of our lender clients, and we’re delighted to now offer an elevated experience with the ASO feature within Encompass. Mortgage lenders seeking to scale back on operational costs, ensure compliance, decrease manual implementation and deliver superior borrower experiences can now leverage the combined strengths of both Encompass and Truv – all in one. Among Truv’s highest missions is to offer lenders best-in-class tools built for differentiation and ease of use to drive their success in today’s competitive mortgage market – and beyond.
