Problem

HFS Financial had goals to scale their loan volume while delivering consumers with a faster and easier way to finance home improvement projects. To achieve these goals, the lender searched for an innovative verification solution that would help minimize fraudulent income data, create a frictionless experience for consumers, and pave the path towards confident lending decisions.

Our primary driver was to ensure
that we were mitigating fraud
as much as possible, and Truv
has proven to increase our
fraud detection.
Our primary driver was to ensure that we were mitigating fraud as much as possible, and Truv has proven to increase our fraud detection.

Andrew Collins

CEO, HFS Financial

Truv Solution

Verification of Income & Employment, Verification of Assets.

About

Since its start in 2011, HFS Financial has been serving homeowners across the United States with home improvement loans to fund larger scale house projects including pool installations, outdoor kitchens, backyard entertainment spaces, kitchen renovations, and more.

HFS Financial

The Story

Prior to leveraging direct-to-source verification of income, employment, and assets via consumer-permissioned data, HFS Financial’s primary method for verifications was traditional document uploading by their borrowers. The outdated method created a slower lending process due to prolonged document collection and review times, increased borrower friction due to back and forth on submitted documents, and significantly heightened the risk of fraudulent loans due to the lack of detection in place to flag tampered or doctored income documentation.

We had a choice: Go with
a more expensive, legacy option
like The Work Number, or go with
Truv, a nimble team ready to 
work with us, move with us,
and grow with us.
We had a choice: Go with a more expensive, legacy option like The Work Number, or go with Truv, a nimble team ready to  work with us, move with us, and grow with us.

Andrew Collins

CEO, HFS Financial

The search for an income verification method that could execute on returning accurate and reliable data became a top priority for the lender. Following research and discovery with other alternative consumer-permissioned data providers and instant databases, the lender embarked on their journey with Truv.

One of the reasons we 
partnered with Truv was the
flexibility of their products
as well as the flexibility
of their team.
One of the reasons we  partnered with Truv was the flexibility of their products as well as the flexibility of their team.

Andrew Collins

CEO, HFS Financial

HFS Financial was looking for a vendor who could offer a seamless and secure verification experience, while delivering accurate data with speed, which required a level of customization to fit into their borrower portal and existing workflow.

HFS Financial collaborated with the Truv team closely to integrate the products into the lender’s consumer-facing portal to automate the verification process for applicants. Now, instead of requesting numerous documents from applicants, widgets with the applicant’s pre-loaded payroll provider(s) appear as a task within the lender’s portal. This way, verifications can be completed in under 30 seconds with minimal lift for the applicant.

After adopting Truv, we can
say with certainty that
third-party direct-to-source
verifications improve
trustworthiness of data.
After adopting Truv, we can say with certainty that third-party direct-to-source verifications improve trustworthiness of data.

Andrew Collins

CEO, HFS Financial

With tailor-made implementation of Truv products, HFS Financial processors tap into instant verifications proven to expedite their loan approvals and retain peace of mind knowing real-time, direct-to-source data blocks fraud.

With Truv, you get a partner
dedicated to speed, data
accuracy, product flexibility,
competitive costs, and
conversion.
With Truv, you get a partner dedicated to speed, data accuracy, product flexibility, competitive costs, and conversion.

Andrew Collins

CEO, HFS Financial

As a partner to Truv for two years and counting, HFS Financial believes a consumer-permissioned data approach in the consumer lending space is not only gaining traction as a transformative automation tool, but is the way of the future.

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