Recently, the Truv team had the pleasure of becoming a Preferred Partner with the Lenders One Mortgage Collaborative, a national alliance of independent mortgage bankers and service providers. It’s a significant step for us as a company. So this week, as we traveled to our first L1 Summit at LA Live in Los Angeles, we had the opportunity to reflect on how far we’ve come toward revolutionizing the borrower verification process.
The Power of Collaboration
The LI Summit brought together a national alliance of independent mortgage bankers, banks and credit unions and service providers, who were all ready to share their innovative ideas and insights into the 2024 housing market. Just before the Summit, Truv became a member of Lenders One, where we’re now offering our instant, automated borrower income verification (VOI) and employment verification (VOE) solutions to Lenders One members.
We’re excited to be a member of this alliance because our VOI and VOE consumer permission platform complements Lenders One’s mission so well. Their vision, like ours, is to maximize revenue, reduce costs, and enhance decision-making for mortgage lenders. In fact, since last year’s L1 Summit, Lenders One has added 39 new members to support its mission and that only helps to increase optimism in expanding our growth within the mortgage industry.
Summit Recap
At the L1 Summit, industry leaders discussed current market trends and shared insights into the current mortgage market. We found plenty of enthusiasm amongst attendees, who are cautiously optimistic in approaching the spring housing market.
Right now, Wall Street investors are hopeful that the Fed will cut rates later this year, which will open up more homeownership opportunities for consumers. New construction is showing signs of improvement, which could produce higher inventory. And with rates pulling back some from last year’s highs, opportunities are emerging to finance not only new homebuyers but to refinance current homeowners—especially if mortgage rates drop further, as many expect.
If mortgage applications increase steadily through lender pipelines this year, the industry will need to avoid the instability of data breaches and cyber threats. For our part, Truv is committed to keeping data secure and accurate while improving the borrower experience through income and employment verifications on our consumer permission platform.
We found most industry players we met at the L1 Summit shared our commitment to creating better borrower experiences, which are key to driving business, increasing referrals, and customer retention. That being said, Truv is different than other providers we met—and proudly so.
If you’re ready to see Truv in action or learn about how Truv could work for you, reach out to the team today.
What Makes Truv Unique
While Truv is thrilled to be a part of the Lenders One alliance, few companies are as committed to streamlining the borrower verification process as we are.
For one thing, borrower verifications have only gotten more expensive. This is primarily due to the monopolistic practices of some of the industry’s legacy providers, who have continued to raise their prices at a time when lenders are already struggling with low volume and increased production costs. It’s why many lenders have been desperately looking for faster, more cost-effective options.
Yet few competitors can measure up to Truv. More than 70 mortgage lenders already use Truv to verify borrower income and employment information and we have integrated with leading point-of-sale and loan origination systems, including Encompass, nCino and Empower, with a demonstrated savings of up to $350 or more per closed loan.
Truv also has coverage of 92% of the U.S. workforce, enabling lenders to replace the manual, error-prone methods of verifying borrower data, with cost savings and faster times to close by two days or more. Plus, Truv supports the GSEs’ efforts to streamline income verifications, such as Freddie Mac’s asset and income modeler (AIM). More importantly, Truv’s consumer-permissioned platform helps consumers control their own personal financial data.
Our membership in Lenders One simply builds on our upward trend. So, stay tuned—because we have a lot more achievements in store.
