NFTYDoor Leverages Consumer – Permissioned Verifications to Maintain High Conversion
COO & Co-Founder, Jonathan Spinetto, NFTYDoor
“What initially brought us to Truv was their streamlined insurance verifications, then we added income & employment. Not only did we have a fast integration, but we started hearing positive borrower feedback.”
About
NFTYDoor, a division of Homebridge, offers homeowners an innovative way to access their home equity on demand, unlocking financial flexibility without disrupting their current mortgage. With a seamless, nearly 100% fully digital process from application to closing, NFTYDoor makes applying for home equity loans incredibly easy for homeowners across all 50 states.
On average, the lender closes more than 2,000 loans per month, offering 1-minute application that requires no paperwork, making the process as convenient as it is fast. The approval process is designed to be one of the quickest in the industry, with record-setting closing speeds in as little as 3 days.
Problem
With sights set on rapidly scaling growth and efficiency to deliver the fastest and easiest home equity loan approvals in the industry, NFTYDoor set out with a technology-driven vision. The goal was clear: enable borrowers to complete loan applications and receive approvals in minutes, with closings finalized in under a week. From its start in 2022, NFTYDoor aimed to grow from zero loan originations to processing 2,000-3,000+ loans per month, a significant leap that required a seamless blend of innovation and speed.
Truv Solution
Verification of Homeowners Insurance (VOI), Verification of Income & Employment (VOIE), Document Upload as a Fallback Solution for VOIE & VOI, POS Integration.
COO & Co-Founder, Jonathan Spinetto, NFTYDoor
“When a borrower completes their verification through the Truv Bridge, which takes a few seconds, our pull-through rate is high.”
The Story
At the forefront of digital mortgage processes since its start, NFTYDoor was on the search for new technology that could serve as a catalyst to fueling rapid business growth while improving the mortgage experience for homeowners. The home equity lender knew it needed a verification partner that could scale alongside them, providing top-tier performance, speed, reliability, and customer service. Following relationships with consumer-permissioned verification providers, NFTYDoor decided to explore a partnership with Truv, aiming to optimize product performance to streamline the verification of homeowners insurance process.
COO & Co-Founder, Jonathan Spinetto, NFTYDoor
“Truv’s costs, product quality, and solution-centric mentality drove us to higher savings, faster verifications, and optimized processing efficiencies.”
From the beginning conversations, NFTYDoor expressed goals to close gaps previously experienced with other vendors, including partnership transparency and collaboration. After a couple short weeks of goal alignment and implementation, NFTYDoor was automating insurance verifications without paperwork and multiple touchpoints with borrowers, accelerating the loan application process exponentially.
COO & Co-Founder, Jonathan Spinetto, NFTYDoor
“What truly set Truv apart was the team’s hands-on approach to customer service, from development to implementation to post go-live.”
In the initial implementation phase of the new verification process, NFTYDoor maximized the verification technology’s accessibility and ease-of-use to their advantage pre-production. From Truv’s error tracking capabilities, test cases, and clean API documentation, NFTYDoor developers were able to easily run QA in a controlled environment.
With a proactive approach to development, the lender saved time and optimized the overall customer experience from the get-go by testing, anticipating and resolving any potential issues before moving into production. This empowered NFTYDoor to avoid troubleshooting errors in a live system that could disrupt the borrower experience and delay the loan approval process.
COO & Co-Founder, Jonathan Spinetto, NFTYDoor
“We’re delivering an easy borrower experience while gathering clean, quality data that we can rely on to make clear decisions — in seconds.”
After rolling out the homeowners insurance verification solution and seeing widespread success amongst brokers and loan officers, NFTYDoor added Truv’s verification of income and employment solution to the loan application process, automating instant verifications in real-time, with real-time data, to further expedite approval and closing times.
COO & Co-Founder, Jonathan Spinetto, NFTYDoor
“With Truv, the borrower can still upload their W2s and pay stubs digitally. Truv processes the docs, checks for fraud, and formats the details into a report for easy review on our end.”
With a forward-thinking approach, NFTYDoor opted to offer Truv’s document upload solution as a fallback solution to borrowers who choose to not verify income and employment through a connection to their payroll providers. The built-in alternative solution automatically appears to the borrower in the same experience, increasing conversion potential and capturing borrower data automatically without human intervention.
COO & Co-Founder, Jonathan Spinetto, NFTYDoor
“In the home equity space, we’re not competing for #1 lender titles against leading national mortgage lenders, but Truv treats us like we are.”
Looking ahead, NFTYDoor is committed to using technology to enhance workflow automation, reduce processing timelines, and deliver a fully digital borrower experience. By leveraging cutting-edge technology, consumer-permissioned data, and strategic innovation, NFTYDoor is positioned ahead of the curve, sitting at the forefront of the evolving home equity lending space.