Interview with NASDAQ MarketSite
Truework CEO, Ryan Sandler, recently sat down with NASDAQ MarketSite with host, Christina Ayanian. They discussed the founding of Truework, our customer base, partnerships, investments, and future plans. You can read some of the highlights in this post or watch the full interview below.
Founded to address data privacy and transparency
Ryan shared his motivation behind founding Truework. "I was looking at the space of consumer data and privacy, and I was absolutely blown away by how much of my own data was available for the highest bidder," said Sandler. He noted consumers were not aware of how their sensitive personal information, such as income data, was used when securing loans.
Sandler further explained Truework speeds up the verification process. "What we do is we partner with payroll platforms across the country, from ADP to Gusto and Rippling, and have other methods and technologies to be able to verify your payroll information wherever it is," he said.
I was absolutely blown away by how much of my own data was available for the highest bidder.
Growth by helping lenders to increase efficiency
Sandler acknowledged the difficulties facing both lenders and consumers in the current economic climate. High interest rates have led to a steep decline in mortgage volume. However, he revealed that Truework is managing to grow amidst these challenges. "Despite this, Truework is actually growing 50% per quarter," said Sandler.
As the average mortgage production cost soars, Sandler noted that lenders are increasingly seeking technology solutions like Truework to reduce costs. He said, "During high-interest times, lenders need to streamline more and to increase efficiency and automation."
Truework is actually growing 50% per quarter.
The TransUnion partnership is a significant step
Sandler discussed the recent partnership with TransUnion and the immense value it brings to lenders. The partnership enables lenders to access both income and credit data in one place, providing a comprehensive view of their applicant pool. Sandler highlighted the importance of this comprehensive data approach, saying it's "really powerful for lenders."
Tens of thousands of TransUnion customers can now access the Truework Income platform directly.
Expanding coverage and new verticals
Sandler shared a glimpse into the future of Truework, which includes increasing coverage and expanding into new verticals. "We want to be able to verify whether they're a full-time employee or 1099 self-employed," he stated.
We continue to build technology to make it easier to verify all types of people.
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