Why completion rate is more important than coverage

Mortgage lenders constantly seek efficient and reliable methods to verify borrowers' income. While coverage plays a crucial role in ensuring access to a wide range of data sources, it often overlooks the significance of completion rate. 

What is completion rate and how is it different from coverage 

Coverage refers to the breadth of an income verification platform's reach, often expressed as the percentage of the U.S. population for which it can provide an income verification report or as an absolute number of employee records However, a high coverage number alone does not guarantee the quality or accuracy of the income verification process.

Completion rate measures the effectiveness of an income verification platform in generating complete and usable income verification reports. It represents an average percentage of income verification requests that result in a full report for a given mortgage lender's loans. A high completion rate signifies that the platform is successful in obtaining the necessary information and generating reports efficiently.

When evaluating an income verification platform, it is crucial to prioritize completion rate over coverage. A high completion rate ensures the most accurate and reliable income information while minimizing the total cost of verification. 

The cost of low completion rates

Using an income verification solution with a low completion rate necessitates lenders using multiple providers and internal processes, which increases the overall cost of their verification strategy and causes a fragmented experience for loan teams. 

They have to stay current with new technologies and data sources to gain income and employment data as their applicant pool widens, and they have to learn, implement, and manage orchestration across multiple vendors. 

Truework Income completes on average 75% of verifications

Truework Income is the only one-stop platform that reduces disruptions by connecting all major verification methods into a single, easy-to-use solution. The result is an average completion rate of 75% of verifications across our mortgage lending clients. 

Lenders have less to manage, and loan teams have one process to follow. By getting more completions through Truework, lenders can recapture the valuable time their teams spend on the verification process. 

Continuously improving our completion rate

At Truework, we are always adding new verification methods and data sources to our platform to help lenders automate as many verifications as possible. Later this year, we’ll be adding a tax solution to enable lenders to verify self-employed borrowers more efficiently.