Why Are Lenders Still Paying Triple-Digit Fees for Verifications?

If you’re a lender, ask yourself:

• Why does a simple verification of employment or income (VOE/VOI) still cost more than dinner for two?
• Why do borrowers see mysterious third-party charges on the closing statement—and blame you?
• Why do your processors waste hours chasing paystubs and bank statements that already exist in the digital ether?

Those questions — rooted in healthy skepticism — sparked the creation of Truv. Five years ago, our founder, Kirill Klokov, spotted a $350 “verification” fee on his own mortgage closing documents. Instead of shrugging, he built a company to fix the problem.

The Verification Status Quo: Expensive, Fragmented, Slow

Legacy providers lock critical payroll and banking data behind paywalls, charge upfront per-pull fees, and tack on hidden surcharges. Worse, they silo VOE/VOI from asset verification (VOA), forcing lenders to juggle multiple vendors, multiple log-ins, and multiple support teams.

Introducing Truv’s Unified Verification Platform

Truv is now the first provider approved by both Fannie Mae and Freddie Mac to offer both payroll-direct VOE/VOI and asset verification on a single platform. What makes that different?

1. One integration, one interface, one support line.
2. Built—not bought—technology. Every data rail, from payroll APIs to bank aggregation, is in-house, so issues actually get fixed.
3. Iterative product pairing. Payroll and asset data play off one another, driving better coverage and decisioning logic.

Skeptical About Conversion? So Were We.

The University Federal Credit Union (UFCU) in Austin put Truv to the test:

UFCU’s team saw a 70 % cost reduction — and those numbers keep climbing as adoption deepens.

The Pricing Model That Ends “Pull-Pull-Pray”

Most vendors bill the moment you click “Order.” That punishes lenders for fallout loans and discourages early-stage automation.

Truv’s new Success-Based Pricing flips the script:

• $0 until the loan closes.
• Unlimited pulls at pre-qual or application.
• Clear, predictable budgeting tied to closed-loan volume.

Translation: your loan officers can verify income and assets on day one—without sweating breakage fees.

Roadmap: Solving the W-2 Problem for Good

In 2025, we’re doubling down on three fronts:

1. Document Intelligence. Automated extraction and QC of uploaded paystubs/W-2s to mop up the final 10–15 % of edge cases.
2. Richer Asset Signals. Direct-deposit analytics that cross-validate payroll data for borrowers whose employers don’t support payroll APIs (yet).
3. Seamless Orchestration. An engine that decides—in real time—whether payroll, bank data, or documents is the fastest path to a rep-and-warrant-eligible result.
   

Our goal: make the question “How will we verify this borrower?” obsolete.

Ready to Challenge the Old Model?

If you believe VOE/VOI/VOA should be fast, borrower-friendly, and priced like a modern SaaS utility—not a 1990s data broker—let’s talk.