Overview

BankSouth Mortgage, a leading community mortgage lender headquartered in Atlanta, GA and subsidiary of BankSouth, partnered with Truv to drive innovation in loan verifications. Blending cutting-edge technology with a people-first culture, BankSouth Mortgage delivers speed, transparency, and an elevated borrower experience from application to closing. As a lender focused on operational efficiency and borrower experience, BankSouth Mortgage sought to reduce escalating verification costs while improving the verification process and streamlining vendor management.

Before partnering with Truv, BankSouth was spending approximately $400,000 annually on income and employment verifications with a legacy verification provider. By transitioning to Truv's consumer-permissioned verification solutions, BankSouth realized $100,000 in cost savings while improving borrower experience and operational efficiency.

Challenge

BankSouth faced several critical challenges with their existing verification infrastructure:

  • Escalating verification costs - Legacy verification solutions were increasing costs year over year, resulting in individual loan verification costs reaching $200+ per file on 40% of loans, with some loan files totaling as much as $758 per loan file.
  • Limited reporting and insights - While existing verification vendors offered reliable verification services, the reporting and analytics capabilities were limited.
  • Multi-vendor relationship management - Managing separate vendors for income, employment, and assets contributed to operational complexity and opportunity to evaluate a solution for reducing administrative overhead.

BankSouth needed a partner capable of delivering both cost efficiency and comprehensive verification solutions across income, employment, and assets, with strong integrations into their existing technology stack to streamline the verification workflow and minimize change management challenges related to the new process.

The cost savings alone would have
justified our decision to partner with
Truv, but we have gained so much
more - better analytics, faster
turnaround times, improved borrower
satisfaction, and a support team that
is genuinely invested in our success.
The total value far exceeds what we
expected.
The cost savings alone would have justified our decision to partner with Truv, but we have gained so much more - better analytics, faster turnaround times, improved borrower satisfaction, and a support team that is genuinely invested in our success. The total value far exceeds what we expected.

Kim Nelson

CEO,
BankSouth Mortgage

Solution

Truv partnered closely with BankSouth to streamline verification processes by embedding Truv's solutions within nCino and Encompass:

  • In nCino: Truv powers borrower verifications upfront in the application process, where approximately 85% of BankSouth's loan applications originate, prompting borrowers to easily connect their payroll and bank accounts directly within the application flow.
  • In Encompass: Truv is now primarily used in the LOS for re-verifications, replacing a traditionally manual and time-consuming process with refresh reports on-demand that fast track pre-closing requirements.
  • Enhanced reporting: Truv's online dashboard provides BankSouth with real-time visibility into performance metrics, conversion rates, and detailed analytics, a significant upgrade from previous verification vendors.
  • Customization and product flexibility: BankSouth's team valued Truv's optionality to customize verification workflows and maintain admin-level control over what information is requested and how it's presented to borrowers.
  • Internal training and enablement: In partnership with Truv, BankSouth developed comprehensive internal training materials, creating branded one-page PDFs and step-by-step guides.

The implementation was piloted with select branches before company-wide rollout, ensuring smooth adoption, with BankSouth's operations team working closely with Truv to customize the solution, develop adoption plans, and manage the phased rollout.

The longstanding vendor in the space
was becoming too much for a
company of our size — we're talking
$500, $700, even more per loan file.
At the end of the day, every dollar
you overspend on verifications has to
come from somewhere: your margin,
your loan officers, or your borrowers.
Truv gave us a way to stop that
conversation entirely.

Tom Masci

SVP Tech & Data Analytics,
BankSouth Mortgage

Outcomes

At a Glance:

$100,000 Cost Savings

By switching to Truv, BankSouth realized $100,000 in annual savings. The lender tracked month-over-month savings, seeing a dramatic reduction in verification spend - achieved while maintaining data quality - allowing BankSouth to reinvest in other areas of borrower experience and operational efficiency.

82% Login Conversion Rate for Income & Employment

BankSouth has seen strong conversion rates for income and employment verifications, averaging 82% for verifications initiated from Encompass. This performance exceeds industry benchmarks, demonstrating that borrowers easily connect employers and payroll providers using Truv. The result is a seamless, digital user experience that takes less than 60 seconds without the paper chase.

92% Login Conversion Rate for Assets

Asset verification conversion rates with Truv have consistently matched and/or exceeded the performance BankSouth has seen with other vendors, reinforcing their strategy to consolidate verification partners for an all-in-one solution. BankSouth's VOA conversion averages 92% in Encompass, when loan officers guide borrowers through the process, and averages 81% across all asset verifications initiated in nCino and Encompass.

Comprehensive Integration Across Primary Systems

Truv's product suite seamlessly integrated with BankSouth's technology stack, including their primary POS and their LOS. Truv's automated cross-platform flexibility offers verifications both upfront and post-application to streamline re-verifications, while automating the transfer of data from system to system.

The implementation process was
incredibly smooth. Truv worked with us
to pilot the solution in select branches
first, which allowed us to refine our
approach before the company-wide
rollout. Our loan officers adapted
quickly because the integration fit
seamlessly into their existing
workflows.
The implementation process was incredibly smooth. Truv worked with us to pilot the solution in select branches first, which allowed us to refine our approach before the company-wide rollout. Our loan officers adapted quickly because the integration fit seamlessly into their existing workflows.

Tom Masci

SVP Tech & Data Analytics,
BankSouth Mortgage

White-Glove Partnership and Ongoing Support

Truv's collaboration with BankSouth demonstrated a commitment to partnership beyond just technology implementation:

  • Powerful Dashboard Analytics: BankSouth valued Truv's highly customizable dashboard, which provides detailed analytics and real-time visibility into verification data and orders instead of relying on periodic email reports.
  • Streamlined Integration Architecture: Truv's platform delivered a turnkey integration experience for BankSouth - combining intuitive setup, comprehensive technical documentation, and seamless production performance that enabled loan officers and operations teams to adopt Truv quickly within their existing systems.
  • Unparalleled Support: Truv has shown BankSouth an unmatched willingness to iterate and troubleshoot on unexpected order outcomes, from resolving connection timeouts, identifying data quality issues, and enabling immediate problem resolution.
  • Collaborative Partnership: Leading with a partnership approach at every stage - implementation, customization, and optimization - Truv remains a close partner in evolving BankSouth's borrower experience and improving operational efficiency.

Conclusion

Through its partnership with Truv, BankSouth Mortgage has transformed how it manages income, employment, and asset verifications - achieving $100,000 in annual cost savings, enhanced borrower experiences, and streamlined operations across nCino and Encompass.

What started as a goal to reduce loan manufacturing costs has evolved into a true partnership that's reshaping how BankSouth approaches verifications and the borrower experience. As BankSouth expands its footprint, Truv will continue scaling alongside them. This partnership extends beyond technology implementation - it's rooted in shared values around customer service, fast innovation cycles, and a mutual commitment to elevating what community banks can deliver to their borrowers.

About BankSouth Mortgage

BankSouth Mortgage, a wholly-owned subsidiary of BankSouth, is a leading community mortgage lender headquartered in Atlanta, GA. Founded during the 2008 financial crisis with a mission to build a better mortgage experience, BankSouth Mortgage blends cutting-edge technology with a people-first culture to deliver speed, transparency, and an elevated borrower experience. Backed by enterprise-level resources and a leadership team committed to innovation and accountability, BankSouth Mortgage is dedicated to delivering an unmatched mortgage experience that benefits clients, partners, and communities. Learn more at banksouthmortgage.com

About Truv

Truv empowers 150+ lenders to instantly verify income, employment, and asset data directly from the source. With best-in-class coverage, configurable workflows, and a focus on consumer-permissioned data, Truv helps financial institutions streamline underwriting while dramatically reducing costs. Truv's full suite of solutions provides GSE-eligible reports for submission to Freddie Mac and Fannie Mae, protecting lenders from buyback risks and delivering market-leading data quality. Learn more at truv.com