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Most prospective home buyers have given mortgage lenders permission to verify their income and employment, and thanks to Truework’s new automated verification tool designed to eradicate fraud, employer payroll Eliminates the need to verify the request with the provider again. request.
The latest incremental improvement to the mortgage application process, Truework Guardian features a unique risk scoring system that allows payroll providers to set thresholds for automatic approval of income and employment verification requests. Guardian will notify the employee and request additional approval only if the request is deemed suspicious.
Ryan Sandler
“For high-touch transactions, such as mortgage applications, asking employees for additional approvals creates unnecessary friction because employees have already consented,” said Truework CEO. Ryan Sandler said in an article. statement. “At Guardian, we analyze our own risk insights based on verifier reputation, verifier classification, IP address and other data points to ensure that additional approvals are only required if the risk of fraudulent activity increases. I am doing it.”
The new Guardian tool is available to over 48 million employees served by payroll providers participating in Truework’s instant data network. The network has added three new payroll partners this year and has grown its workforce by more than 8 million.
By streamlining mortgage underwriting, more homebuyers can take advantage of technology that can automate property valuations, lenders can approve more loans without valuations, and some Lenders began offering same-day mortgages.
However, when verification providers automatically approve verification requests without fully assessing the risks, the potential for fraud and identity theft can significantly increase, Truwork said.
Truework and payroll providers Rippling and Gusto launch Payroll Communication network In 2021, we will notify employees when third parties request to view their employment and income information and allow them to restrict data to specific parties or turn off access entirely.
Truework calls Guardian the “next evolution” of its payroll network. This allows payroll providers and human capital management systems (HCMs) to standardize the automation of verification for all employers using the platform.
San Francisco-based Truework raised $50 million in funding last summer. Series C funding Led by G Squared, the round is a certified provider of income and employment verification reports for Fannie Mae’s desktop underwriter verification service, which also offers integration with ICE Mortgage Technology’s Encompass loan origination platform.
Last month, Transunion announced it had acquired a $24 million minority stake in TrueWork, setting the stage for Transunion to take on Equifax’s certification service, The Work Number.
Truework claims to insure 90% of its U.S. workforce, and 20 of the 25 largest U.S. mortgage lenders rely on its income and employment verification services (Fairway Independent Mortgage, Calibre, Guaranteed Rates, Citizens Bank, Loan Depot, etc.).
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