Truv, a provider of automated employment and income verification technology for mortgage lenders, banks and credit unions, recently announced it is now a conditionally authorized report supplier for mortgage lenders using Fannie Mae’s Desktop Underwriter (DU) validation service, according to a release.
After final approval, which is expected later this year, Truv’s consumer-permissioned platform will be able to obtain and transmit income and employment data through the DU validation service.
Fannie Mae’s DU validation service uses third-party data vendors to independently validate borrower income, employment, and asset data, providing lenders with Day 1 Certainty on validated loan components, the release stated.
By digitally validating secure third-party data through DU, lenders can help eliminate the paper chase and help get borrowers approved quickly.
As an authorized report supplier for Fannie Mae’s DU validation service, the Truv platform will enable lenders to:
- Reduce risk of fraud and buybacks by leveraging real-time data directly from the source.
- Lower costs by reverifying a borrower’s income and employment data at no additional expense.
- Accelerate growth by increasing pull-through rates and closing loans faster.
- Improve productivity by reducing time spent collecting data to underwrite loans.
“We are thrilled to announce our collaboration with Fannie Mae, a pivotal step in our mission to revolutionize the mortgage industry,” Truv CEO Kirill Klokov said in the release. “This partnership affirms our deep commitment to providing lenders with cutting-edge solutions that empower consumers while driving efficiency in the loan origination process.”