Automate the manual process of income document review
Driven by digitally-accustomed consumers, lenders have adopted instant verifications to offer their customers a seamless application experience and faster approvals. But some lenders revert to collecting paper proof of income documents when applicants can't be verified instantly or via payroll systems. Not only does this process draw out the loan cycle and require tedious manual work for internal staff, but paper documents can also leave lenders vulnerable to fraud.
To help lenders automate paper income document review, we’re announcing the availability of Truework Documents. With Truework Documents, documents are automatically transformed into structured data and assessed for fraud risk.
Save time and money with automated document review and parsing
With a fluctuating demand for loan products, it's more important than ever for lending teams to handle verifications as efficiently as possible. If your team manually reviews income documents, you know that entering data into systems of record can be time-consuming, costly, and error-prone.
With Truework Documents, income documents submitted by the applicant are automatically parsed into a standard data format, ready to be integrated into systems of record to automate income calculations and other loan processes. Automating this process frees up resources to focus your time on other areas and can result in fewer mistakes.
Reduce fraud by more quickly identifying problematic documents
Document fraud has increased exponentially as fake document creation tools have become more accessible and sophisticated. Even the most skilled fraud detectors may struggle to find every fraudulent document when scanning hundreds of similar-looking files daily.
Truework Documents automatically flags potentially fraudulent or altered documents to give your team a heads up to prioritize a deeper review. Documents with any abnormal or inconsistent formatting will be flagged, as well as scenarios where the beginning and ending balances of a statement period do not reconcile with the total value of the transactions captured within that period.
Maximize coverage with multiple verification methods via a single FCRA-compliant provider
Truework combines multiple verifications methods to maximize speed and coverage, all provided in FCRA compliant Consumer Reports. Instant reports, user-permissioned payroll data, and manual outreach options are all available individually or as a waterfall. With one integration, configure your waterfall to match your process, and further simplify operations with a standard data output for all verifications.
Truework Documents is currently in beta and available for paystubs, with W-2s and bank statements coming soon. If you are interested in adding automated document review to your waterfall and working with us to guide the next stages of our roadmap, get in touch.