TruVision™ Income and Employment Verification (Powered by Truework) provides mortgage lenders a robust and efficient verification solution.
TransUnion announced an advancement of its partnership with Truework, a leading income and employment verification provider. The collaboration will now allow mortgage lenders more encompassing and reliable access to the verification of income and employment information they need to accelerate underwriting while minimizing costs.
TruVision Income and Employment Verification enables a comprehensive income and employment verification waterfall now available via the TransUnion API. This follows the recent launch of a similar TransUnion solution, also powered by Truework, for purposes of rental screening and builds upon the existing availability of the solution for auto lending.
“With mortgage originations expected to rise this year, lenders more than ever will need efficient tools and resources for streamlined income and employment verification,” said Satyan Merchant, senior vice president and mortgage business leader at TransUnion. “TruVision Income and Employment Verification provides lenders with access to these major verification methods in one single solution.”
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With TruVision Income and Employment Verification, lenders have access to major verification methods — orchestrated together in a single solution with an industry-leading 75% average completion rate. This includes instant data for 48M+ active employee records, consumer-permissioned payroll which covers 90% of US employers, and automated outreach to HR departments and third-party providers.
“We are excited to provide mortgage and home equity lenders with access to this new income and employment verification solution that can save them time and money while reducing errors along the way,” said Liz Pagel, senior vice president and global head of alternative data at TransUnion. “Through the integration of Truework’s best-in-class solution, we are getting closer to our vision that through one API call, mortgage lenders can receive credit, verified income and employment, and other critical solutions like undisclosed debt monitoring, which can help streamline the underwriting process.”
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Ethan Winchell, president and co-founder at Truework, added, “We are excited to power the end-to-end verification experience for TransUnion’s TruVision™ Income and Employment Verification product, and to bring speed, transparency, and high report completion to TransUnion customers. For Truework, this integration opens the doors for many new exciting markets where customers need income and employment data.”
TransUnion is conducting a phased rollout of the new solution including integrations with loan origination systems, point-of-sale systems and GSE certifications. Mortgage and home equity lenders interested in piloting the solution are encouraged to contact tu_mortgage@transunion.com or their TransUnion representative to join its early adopter program.
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Source: Globe Newswire
