Truework expands Day 1 Certainty coverage to over 100M records

Since 2021, lenders have been using Truework as an authorized report supplier for Fannie Mae’s Desktop Underwriter ® (DU®) validation service. Today, lenders now have access to over 100M income and employment records that are eligible to be considered for Day 1 Certainty® through the one-stop Truework Income platform, marking a 100% increase in eligible records for lenders using Truework. Verifications completed through Truework Credentials, our user-permissioned verification of income and employment (VOIE) method, are now eligible for Day 1 Certainty on validated components, helping drive this increase.

Maximizing completion rates with Truework Income

Credentials is a key part of the Truework Income platform that helps lenders achieve 75+% completion rates. With higher completion rates through a single provider, lenders are lowering their cost of verification, improving the loan processing experience, and accelerating loan cycles.

With the addition of Truework Credentials, lenders are now eligible to be considered for Day 1 Certainty for over 40% of income verifications completed through Truework.

“Completion rates are the standard we set for ourselves at Truework,” says Ethan Winchell, President of Truework. “With income and employment verifications, success is based on receiving a completed report that moves your borrower to the next step of the process. When you maximize completion rates, like you can with Truework’s 75% completion rate, you minimize data cost and maximize time savings.”

Truework is the only platform connecting every major verification method together in a seamless experience, maintaining exclusive data partnerships with payroll providers, employers, and other verification providers to give lenders access to over 100M instant and user-permissioned records through Truework Income, all of which may be considered for Day 1 Certainty.

Unlike other user-permissioned data providers, Truework runs every verification through a robust quality assurance process to ensure data is complete and accurate on every report. When using other data providers, lenders are finding up to 20% of verifications include incorrect or missing data. Truework’s quality assurance process has dropped our error rate to less than 1%.

Whenever lenders do have a question, we’re here to help. Our support team continues to receive a 95%+ customer satisfaction score, with average reply times less than 2 minutes and average resolution times less than 12 minutes.

The value of Day 1 Certainty

The DU validation service from Fannie Mae leverages third-party data sources to validate borrower data, which can help lenders reduce risk. It provides lenders Day 1 Certainty in the form of enforcement relief of certain representations and warranties for validated loan components, including income and employment data. In addition, the DU validation service offers lenders a more efficient mortgage origination process.

“At Fannie Mae, we are committed to digitizing the mortgage process,” says Peter Skarnulis, Fannie Mae’s VP of Single-Family Digital Management Solutions. “This is yet another opportunity for lenders to quickly and efficiently automate income and employment data verification, making the mortgage process more efficient for both lenders and borrowers.”

For loan officers, the DU validation service streamlines the documentation process for borrowers and provides process efficiencies throughout origination, helping improve the borrower experience.

By digitally validating a borrower’s income and employment information, loan officers can reduce the need to collect paper documents from their customers. The time saved by streamlined income verification can help accelerate loan cycle times, allowing borrowers to close on homes faster.