Truv is delighted to announce our new strategic collaboration with Freddie Mac to simplify mortgage lending processes through our automated employment and income verification technology.
Our collaboration centers on Freddie Mac’s Loan Product Advisor® (LPASM) asset and income modeler (AIM), which automates the assessment of borrower assets, income, and employment for lenders. By seamlessly integrating the Truv enterprise open finance platform with AIM, we’ve taken a major leap forward when it comes to delivering a more efficient verification process.
But what does this mean for you? Keep reading to find out.
A Major Leap Forward for Efficiency
Verifying a borrower’s income, assets and employment information is a critical part of the loan approval process—but traditionally, it’s also been one of the most challenging steps for lenders. By leveraging the support of approved third-party service providers like Truv, Freddie Mac’s AIM makes the process faster, simpler and more efficient.
As an approved service provider supporting AIM, Truv’s platform automatically verifies over 100 unique borrower income and employment data points. By extracting a borrower’s payroll information and conducting real-time verifications in a user-friendly manner, Truv automates one of the industry’s most time-consuming and costly processes.
As Daniel Miller, Freddie Mac Single-Family Director of Strategic Technology Partnerships, put it: “Approved third-party service providers like Truv support delivering the best tools and insights the industry has to offer. This collaboration will help lenders quickly and easily obtain income and employment verification.”
As loan production costs continue to rise, this development couldn’t have come at a better time. The integration of Truv’s cutting-edge verification of income (VOI) and verification of employment (VOE) technology with AIM, represents another significant step forward in lowering origination costs while reducing risks.
How Truv is Different
In the realm of automated verification technology, Truv has emerged as an industry trailblazer. But what truly sets us apart is our approach to borrower empowerment.
Unlike the industry’s most-used borrower verification solution, the Truv platform ensures that every borrower can maintain control over their personal financial information, making it a vital tool in an age of growing privacy concerns. With 100% consumer consent and a user-friendly interface, we also prioritize borrower privacy and the customer experience in addition to delivering data access.
Truv is saving lenders money, too. According to the Mortgage Bankers Association’s latest numbers, independent mortgage banks experienced an average pre-tax net loss of more than $1,000 for every loan they originated during the third quarter of 2023. However, Truv clients have realized savings of $350 or more per closed loan by using Truv’s all-in-one borrower verification platform.
Transform Your Mortgage Process with Truv
In today’s rapidly evolving housing market, our collaboration with Freddie Mac’s AIM is just one more powerful way we’re streamlining origination processes and creating better borrower experiences. And if you haven’t experienced this for yourself, there’s no better time than now.
By automatically extracting income and employment data from a borrower’s payroll accounts, the Truv platform can help your organization reduce both origination expenses and risk, all in a single step. Ready to learn more?
