Digital mortgage automation solutions provider Floify is partnering with Truv, a consumer-permissioned data platform, the company announced on Wednesday. The integration allows mortgage lenders to verify income and employment seamlessly as borrowers apply for a loan.
Procuring verification of income (VOI) and verification of employment (VOE) reports at the point of application help lenders accelerate and streamline the application process. According to Floify’s news release, Truv can electronically verify income and employment for 95% of the U.S. workforce. Moreover, with borrower permission, it can retrieve two years worth of W-2s, paystubs, bank statements and 1099s.
“From our perspective, the timing of this integration will be welcomed by lenders looking to scale back costs, saving 60-80% compared to traditional verification providers,” Kirill Klokov, CEO at Truv, said in a statement. “Lenders now have the opportunity to maximize pull-through of the applications they receive, realize a substantial increase in conversion, and reduce risk and fraud end-to-end.”
In March, Floify launched a mortgage point-of-sale (POS) platform for lenders. Floify Lender Edition aims to increase lender profitability through its automated processes and efficiency tools, the company said. It is configured to give independent mortgage banks, federally insured banks and credit unions the needed tools at an accessible price point
The government-sponsored enterprise Freddie Mac approved Truv as a lender tool for payroll verifications and consumer-permissioned income data in December 2023.
