How Payroll API Providers Can Speed Up Time to Close for Mortgage Lenders

Truv helps mortgage lenders access accurate and real-time data to make more informed lending decisions.

Did you know that for mortgage lenders, it takes an average of 43 hours to complete an order with a call center? Or that it takes 13 hours of manual labor to go through reports from The Work Number (TWN) to find the data you need? Did you also know that Truv can make both of those tasks instant?

The Issue

Mortgage lenders need access to accurate and real-time data to make more informed lending decisions. But as the examples above show, collecting the necessary data to assess credit risk is time-consuming, not to mention expensive (and only getting more so). At the same time, borrowers demand a seamless origination and approval process that doesn’t involve the tedious process of uploading documents.

There’s also fraud, which can be a huge issue if someone is uploading a paystub rather than sourcing it from a payroll database. Unfortunately, traditional providers are often unable to verify payroll. If you send 100 applicants to one of the traditional providers, only around 35 of them will be verified, and the other 65 will have to manually send pay stubs and other documents. Not only are pay stubs easy to forge, but there’s also the risk of synthetic or identity fraud. If not caught, the lender would be underwriting a loan that can’t be serviced.

With Truv, mortgage lenders can make better lending decisions with accurate, verified and real-time access to consumer-permissioned income and employment data.

Truv Solution

We set out to build a solution to help mortgage lenders make fast, well-informed decisions, while also providing consumers the benefit of a better experience, faster turnarounds, and access to greater financial opportunities. We partner with mortgage lenders to quickly and easily verify income, employment, and identity data for applicants which meets consumers’ expectations of a streamlined approval process.

One example is our integration with leading digital lending software ICE Mortgage Technology, which provides ICE customers with accelerated income and employment verification that is automated, accurate, and cost-effective directly in the leading loan origination platform. Another is our partnership with Xactus, a leading verification innovator for the mortgage industry. This partnership brings together Xactus’ current verification capabilities and augments them with Truv’s consumer-permissioned data approach to income and employment data.

Today, we’ve built 12.8K+ unique integrations to payroll providers and employers, gaining access to more than 100 fields of income and employment data for over 85% of the U.S. workforce. Several of our customers have said that Truv is more instant than traditional databases, not only helping lenders, but giving consumers the benefit of quicker loan approvals and a better overall experience.

Where We’re Heading

By enabling your applicants’ to connect directly to their payroll account, Truv provides you verified identity, income, and employment data points that you need in an average of 47 seconds. Moreover, we enable you to approve more applicants by enabling them to pay their loan directly from their paycheck thus enabling you to lend to more applicants. We’re also actively working towards best industry standards such as Asset and Income Modeler Certification (AIM) and Day 1 Certainty Validation (D1C).

The world is moving in this direction as consumers and businesses alike are demanding better experiences. Find out how Truv can enable you to close mortgage loans faster and with more confidence by talking with a member of our team.

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