Floify, a leader among the mortgage industry’s point-of-sale (POS) solutions, is now directly integrated with Truv to empower lenders and their borrowers with an enhanced mortgage application and verification of income and employment (VOIE) experience – resulting in lower costs per loan and faster processing times. With Truv VOIE, borrowers electronically verify their income and employment in seconds, eliminating the tedious task of manual document uploads.
Manual VOIE has become a frustrating and time-consuming process for borrowers and a major source of production friction for mortgage lenders, from increasing costs to disruption and delays along the path to closing. By continuously refining and enhancing Truv’s product technology, lenders provide superior value to their borrowers.
4 Ways Truv Reduces Friction for Lenders
- 60-80% savings compared to traditional verification providers
- Coverage of 145.6M Americans, or 95% of the US workforce
- Access to automated assessment of income and employment through Freddie Mac Loan Product Advisor® asset and income modeler (AIM)
- Market-leading data quality minimizes fraud risk and underwrite with confidence
How Floify and Truv Streamline the Mortgage Process
Floify allows lenders to create customizable borrower journeys without costly development work and automated task workflows that promote lending efficiency. When borrowers opt to electronically verify income and employment through Floify’s borrower portal, Truv automatically retrieves two years of W-2s, paystubs, bank statements and 1099s, providing lenders with information needed to pre-approve borrowers. By procuring VOI and VOE reports at the point of application, lenders can pre-approve borrowers faster while reducing production costs and risk.
Floify on the Integration
“We are always looking for ways to improve the lending experience for both homebuyers and lenders, and this integration accomplishes both. “This integration not only achieves that but also caters to users who favor Truv’s efficient verification services. Simplifying VOI and VOE empowers borrowers and lenders with a smoother, faster path to home financing.” – Sofia Rossato, Floify President & General Manager
Truv on the Integration
“From our perspective, the timing of this integration will be welcomed by lenders looking to scale back costs, saving 60-80% compared to traditional verification providers. Lenders now have the opportunity to maximize pull through of the applications they receive, realize a substantial increase in conversion and reduce risk and fraud end-to-end.” – Kirill Klokov, Truv Co-Founder and CEO
About Floify
Floify is a digital mortgage automation solution that streamlines the loan process by providing a secure application, communication, and document portal between lenders, borrowers, referral partners, and other mortgage stakeholders. Loan originators use the platform to collect and verify borrower documentation, track loan progress, communicate with borrowers and real estate agents, and close loans faster. The company is based in Boulder, Colorado and is a subsidiary of Porch Group, Inc. (“Porch Group”) (NASDAQ: PRCH). For more information, visit the company’s website at https://floify.com/ or on social media at Facebook, LinkedIn, or Twitter / X.
If you’re a mortgage lender currently using Floify and are ready to explore how the powerful integration with Truv VOIE is designed to boost your business, contact the Truv team today!
