Orion Lending utilizes Truv to automate the mortgage application process and save money per application
EVP of Operations
Richard Plummer
“The cost from our other provider continued to rise regularly, and it became challenging to achieve the value. When we started looking at other providers, we were looking for a more holistic approach to increase the coverage of borrowers we could verify while decreasing cost. Truv helped us accomplish this objective.”
About Orion lending
Orion Lending is a Nationwide Wholesale Mortgage Banker, founded by proven industry leaders, who bring a legacy of success and ambition to the Wholesale Lending space. Orion Lending combines innovative technology, a wide array of products, premier customer service, and competitive pricing to assist its network of brokers to grow and develop their referral business and clientele.
Challenge
Orion Lending is always looking for ways to improve the experience for their mortgage brokers and identified that the verification of income and employment process was manual and costly, often spending around $100 per applicant to verify information.
Solution
By implementing Truv into their workflow, Orion Lending was able to cut down the verification process by several days and support their broker partners with income and employment verifications, allowing them to focus on helping more borrowers. As of now, Orion Lending estimates they will save more than $300,000 annually, as they’ve been seeing an end-to-end conversion rate of 32% with Truv’s income and employment verification solution.
Impact
- $300,000 annually in savings as a result of increased conversion rates
- 32% end-to-end conversion rate increase
- $100 in savings per application
- Implemented Truv in a couple of weeks
- Reduced the loan manufacturing time and approval process by several days
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