After months of rigorous testing and refinement, lenders can now leverage Truv’s income, employment, and asset verifications as part of a fully production-ready, seamless mortgage origination experience for loan officers and borrowers in the nCino Platform.
What’s New?
Enhanced Embedded Workflow Experience
Our Verification of Assets (VOA) solution is now fully integrated as an embedded experience within the 1003, officially joining Truv’s embedded Verification of Income and Employment (VOIE). This means borrowers can complete income, employment, and asset verifications as fast as they can enter their payroll provider and financial institution login credentials, eliminating paperwork and back and forth with loan officers.
Cross-Platform Workflow Automation
We’ve introduced powerful new functionality that eliminates manual data entry and reduces potential errors:
- Automated Field Mapping to the URLA: Employment and asset data now automatically imports from nCino to Encompass, ensuring borrower information flows seamlessly throughout the loan process and populates directly into the URLA (Uniform Residential Loan Application).
- Automated nCino-to-Encompass Report ID Flow: Report IDs for both VOIE and VOA reports are automatically written from nCino to Encompass, removing manual steps and streamlining data from system-to-system.
- Automated Document Management: All documents, including Truv reports, paystubs, W-2s, 1099s, 1040s, and re-verification reports, are automatically pushed into nCino and Encompass, centralizing your loan file and replacing manual document uploads or transfers.
- Re-Verify in LOS: When borrowers complete VOIE and/or VOA in nCino, LOs have the ability to re-verify from the LOS.
Customizable Product Configuration
The platform’s configuration framework allows lenders to easily customize verification of income, employment, and/or asset settings at the company-wide level for enterprise-wide standards, branch or region-specific configurations, or loan officer-level customization.
Task Workflow Release
When a borrower skips the embedded income and employment and/or asset verification process during the initial application, nCino automatically generates a task for the borrower as an outstanding to-do in both the loan officer and borrower portal views. This ensures no verification steps are missed while providing borrowers the flexibility to complete verifications at different stages of the process.
Self-Service Onboarding
We’ve introduced comprehensive self-service configuration capabilities that empowers lenders to independently manage and customize their verification settings without requiring technical support. This provides greater control and flexibility over verification processes.
The Power of Truv’s VOA Solution
1. Market-Leading Coverage and Borrower Security
Truv leads the market with expansive asset verification coverage, featuring over 13,000+ direct-to-source bank account connections while prioritizing borrower security with 75%+ OAuth connections. This comprehensive coverage ensures lenders can verify assets across virtually any financial institution while maintaining the highest security standards for borrower credential protection.
2. Cost-Free, Borrower-Less Re-Verifications
With free data refreshes available for up to 90 days, asset data can be refreshed in-platform automatically with the click of a button—without requiring borrowers to re-engage.
3. Customizable Verification Experience
Similar to Truv’s proven VOIE solution, our asset verification is completely customizable through Truv templates, allowing lenders to tailor the experience to their specific needs:
- Personalized branding and messaging on all borrower notifications
- Configurable deposit thresholds for both regular and large deposits
- Flexible transaction history access for up to 2 years of comprehensive account data and more
4. Deposit-Based Verification of Employment
For loans requiring employment re-verification, Truv supports Deposit-based Verification of Employment (DVOE). This “skinny report” focuses specifically on employment verification through deposit patterns, omitting large deposits, asset summaries, and account balances to provide targeted employment verification only.
5. Reduced Buyback Risk
Truv verification reports are built to be used in automated underwriting systems. We are an authorized report supplier for Fannie Mae’s Desktop Underwriter® (DU®) validation service and have expanded our integration with Freddie Mac’s Loan Product Advisor® (LPA®) asset and income modeler (AIM) to now assess income, employment, and assets using financial accounts data.
6. All-In-One, Complete Solution
Lenders can access income, employment and asset verifications through a single-source platform. This comprehensive approach eliminates the need for multiple vendor relationships and offers access to multiple data sources—including payroll, financial accounts, and documents—through our homegrown suite of verification solutions.
Ready to Get Started?
We’ve designed the implementation process to be as seamless as the verification experience itself—configuration can be completed in minutes, allowing you to verify borrowers faster and easier.
Contact our team today to learn more!
