Employment and income verification provider Truv now supports Freddie Mac’s Loan Product Advisor asset and income modeler.
The new integration allows lenders to use Truv’s platform to obtain and transmit the information required by Freddie Mac’s LPA for the AIM assessment, cutting out the need for third-party borrower verification.
LPA is Freddie Mac’s automated underwriting system, while AIM is a capability within LPA that automates the assessment of borrower assets, income, and employment.
As an AIM service provider, Truv’s open finance platform instantly verifies more than 100 unique borrower income and employment data points in real-time.
“We are proud to collaborate with Freddie Mac to help lenders streamline their origination processes. More than ever, lenders need robust, safe technology to lower their origination costs while reducing risks,” said Kirill Klokov, co-founder and CEO of Truv.
“By automatically extracting income data from a borrower’s payroll accounts, our platform does both, while empowering lenders to verify the borrower’s information in a single step.”
Truv says the integration saves both money and time, with close times coming in faster by two or more days.
As IMBs continue reporting net losses on loans originated, Truv has recorded savings of up to $350 per loan closed on its borrower verification platform.
“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,” said Daniel Miller, Freddie Mac Single-Family Director of Strategic Technology Partnerships.
Truv, a leading provider of borrower verification tech, currently serves upwards of 70 mortgage lenders and is integrated with multiple POS and loan origination technology providers.
Earlier this year, the company acquired credit decisioning platform Credegraph, and named a new CRO after seeing explosive 300% growth in 2022.
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