Announcing Truework Income for Mortgage Point-of-Sale
Using verified income to improve the borrower experience
In today's mortgage climate, two-thirds of borrowers are applying to multiple lenders to maximize cost-savings and find the best rates. To meet this increase in competition, lenders are creating streamlined applications to improve the borrower experience and prevent delays that may cause them to choose a competitor.
According to this year's report from the National Association of Realtors, however, over a third of borrowers say that understanding and completing the mortgage application is the most difficult part of the home-buying process. More and more borrowers are struggling to gather and submit the proper paperwork, including income and employment documentation.
Lenders can now alleviate this strain and improve the user experience by streamlining income verifications earlier in the loan process. With Truework Income for Mortgage Point-of-Sale (POS), lenders can automatically verify income at any point during the application process.
Verify any borrower, any time
Truework Income for POS is the first solution enabling lenders to automatically verify income before, during, or after an application has been submitted.
The launch of Truework Income for POS is a monumental breakthrough for the digital mortgage experience. By verifying income for any borrower during the application process, lenders can reduce overall verification costs while identifying qualified, high-intent borrowers as soon as possible."
Before today, income verification solutions built for Point-of-Sale systems forced lenders to run verifications on every applicant, leading to exploding verification costs.
With Truework Income for Mortgage POS, lenders can customize and automate exactly when verifications are triggered using a rules-based automation approach. Lenders can trigger income verifications based on key application milestones, such as when an individual initially submits or fully completes an application.
Truework partners with Revvin
Truework has partnered with Revvin, a Maxwell company and the leading low-code/no-code digital lending platform, to bring Truework Income for Mortgage POS to all Revvin customers. Revvin is the first point-of-sale platform to integrate Truework Income, and Truework is now the preferred VOIE provider for lenders using Revvin.
We heard from dozens of lenders who wanted verified income as soon as possible in the process, but were having trouble controlling costs when giving originations teams full access to verification services. Our partnership with Truework addresses this need directly, allowing lenders to close loans faster while eliminating unnecessary spend."
Truework Income for POS helps mortgage lenders greatly reduce the manual work associated with income verification, freeing up loan teams to spend more time with borrowers to shepherd them through the process.
For borrowers, this solution helps address one of the most challenging parts of the mortgage process by automating income verification and cutting time-consuming back-and-forth.
"What's great about this solution is that we can automate verifications through Revvin in order to quickly identify qualified borrowers and get them funded," said Michael Salichs, COO of Revvin. "By focusing our attention on helping lenders create the frictionless experiences their borrowers demand, we help complete their digital lending transformation and unlock higher profitability."
Verify any applicant with Truework Income
The Truework Income platform powers our Mortgage POS solution. Truework Income is the only solution that orchestrates every request across all major verification methods. This unique approach accelerates completions, reduces manual work, and maximizes cost savings for lenders.
Truework Credentials, a key part of the Truework Income platform, gives lenders the ability to avoid costly legacy verification providers like The Work Number. By empowering applicants to complete verifications with source-of-truth data shared directly from their payroll provider, lenders are no longer at the mercy of costly legacy solutions.
"An issue we've had with our old verification provider in the past is everyone having their own logins, and then they submit the same request again and again. Then we have $500 worth of verifications before the file is even close to an application," said the Director of Product Operations at one of the nation's largest mortgage lenders.
Meeting borrower needs
Truework Income for POS uses Truework Credentials alongside our instant network and automated Smart Outreach service to verify income for any applicant, whether or not their data is controlled by an exclusive data network like The Work Number.
Given over a third of borrowers are selecting a lender within just three days after starting their search, streamlining the application process is critical. Additionally, over a quarter of borrowers are looking to get pre-qualified as soon as they find a desirable home online.
With Truework Income for POS, lenders can more easily offer borrowers pre-qualified and pre-approval offers, even before they finish their application.
Once initiated, the Truework Income for POS experience lets any borrower verify their income with an easy-to-use workflow. Instead of waiting for a loan processor to run a verification, Truework Income digitizes and streamlines the verification experience in a few easy clicks.
Borrowers are saved from a stressful manual process while lenders receive comprehensive and accurate information early in the process.
Lenders can embed Truework Income directly into their loan application flow or initiate verifications from their POS once an applicant has reached a specific application stage.
Close more loans, faster
Truework Income for Mortgage POS allows lenders and borrowers to move faster while improving the application experience. Lenders are improving their operating efficiency by cutting manual tasks and reducing costs associated with unnecessary verifications.
Ready to bring verified income into your POS?
Join the thousands of lenders who use Truework Income as the one-stop verification platform.