CompassMortgage Receives the Best of Both Worlds with Truv: Better Product, Less Cost

Case Study Summary

Problem

Compass Mortgage was facing increasing verification costs which created increased lending expenses for consumers

Solution

Truv provided Compass Mortgage with a modern way to verify income and employment at a lower cost.

Outcome

Compass Mortgage saves roughly 60% compared to the leading alternative verification solution and maintains a conversion rate between 35% and 50%.

Compass Mortgage Fact Sheet

• Founded: 1999
• Website: https://www.compmort.com/
• About: Residential Mortgage lender founded in the greater Chicago area: Conventional, VA, FHA, USDA, Purchase, Refi and a variety of down payment assistance programs for borrowers.

Increasing Prices translates to Higher Customer Loan Expenses

ustin Venhousen, Compass Mortgages’ Chief Operating Officer was faced with a dilemma. The mortgage industry had been getting their profits squeezed on all ends, and the leading income and employment verification solution in the market just raised their prices…again. Because of the prevailing marketing conditions, CompassMortgage was going to have to increase loan expenses to cover the price hike on verifications.

Justin was trying to find a way to decrease costs for borrowers while not sacrificing the data quality returned from verifications. Several solutions were evaluated, but the price difference was either minimal or the solution was subpar.

Justin turned to his peers to find a solution. Through speaking with other lenders in the Mortgage Co-op community, Justin learned about consumer permissioned data. Through further research, Justin came across Truv and was impressed how Truv received data directly from payroll providers. He decided to give Truv a shot for himself.

Lower Costs, Better Data, and a Better Customer Experience

Justin and the Compass Mortgage team quickly found the value in Truv. Truv priced roughly 60% lower than the dominant verification solution in the market, and helped the team achieve conversion rates between 35% and 50%. The solution was saving them money and providing customers with a world class experience.

Truv also won over the operations team. Truv made data collection easy by automatically filling in data fields without the need for someone to manually look at a PDF document and then copy over the corresponding information. This reduced human error and eliminated a repetitive task.