Bravera Bank Drives Loan Processing Efficiencies by Consolidating Multiple Verification Processes into a Single Platform
Truework has given me the confidence to complete my job and have faith that I'm going to get the information that I need and that it will be accurate. I've never had to go back to Truework and ask them to update or fix something. It seems like we are hitting that mark every time with the underwriter and they are satisfied with the information, so there's a lot less back and forth. For me, Truework has provided efficiency, time savings, and confidence.
Problem
Bravera was using multiple vendors for their income and employment verifications:
- One for instant verifications
- One for borrower-initiated verifications
- One for manual verifications
- Several additional third-party providers
Whenever a loan processor ran a verification, the process required logging into multiple systems, leveraging multiple sources for data, and piecing together the report on their own. On top of that, it required interfacing with someone at a different company anytime there was an issue with a verification.
They realized that the process was tedious, required a lot of manual effort, and slowed down their closing timelines, so they sought a way to make verifications easier.
Solution
Bravera selected Truework to be their sole verification provider because they realized that Truework could do everything they were currently doing, but all in one place. With Truework, they no longer needed a provider for each individual method. Additionally, Truework removed the need for their loan processors to have to decipher which vendor was best to use by automatically orchestrating all verification methods for the most complete outcome.
Bravera leverages Truework for the following verification methods in an automated waterfall:
- Instant verifications
- Credentials (borrower-authorized) verifications
- Smart Outreach verifications
- Third-party provider verifications
Additional benefits that Bravera has seen with Truework have ranged from increased turnaround times to exceptional customer service:
- Faster turnaround times which allow their teams to process and close loans faster
- Greater AIM and D1C eligibility
- Ability to train team members with a straightforward and consistent approach
- Ease of use within the platform to initiate, manage, and cancel (if needed) verifications
- Transparency throughout the process with real-time status updates and email notifications
- Timely and efficient support from the Truework team
75%
reports completed by Truework within 1 business day
67%
decrease in time to submit to underwriting
5+
processes simplified to a single end-to-end verification process through Encompass
Looking to the Future
Bravera is excited to work with Truework to drive further time savings so that their loan officers, processors, and underwriters can focus on other time consuming parts of the loan process. With these time savings, they anticipate being able to close loans at an overall faster pace while providing a high level of service.
The value [that Truework has provided] is knowing that our team has the right tools available to them. We don't have to use several logins across different websites or different providers. We’re able to log into our LOS and complete requests without having to spend time running around making phone calls or sending in additional documentation. We can sit back and let Truework do its thing, and at the end, we get the verification and get the loans closed for our customers.
Simplify income and employment verifications
Join the thousands of organizations that use Truework to increase applicant conversion with faster income and employment verifications.
About Bravera
Bravera is an employee- and director-owned company of advisors who help build the financial strength, stability and growth of every community to which they belong. With roots dating back to 1906, they are comprised of Bravera Bank, Bravera Insurance and Bravera Wealth; all falling under the holding company, Bravera Holdings Corp, allowing them the unique opportunity to offer customers a complete financial services package. Located in North Dakota, Montana and Minnesota, the three Bravera entities have 32 locations in 27 communities. Learn more at BRAVERA.BANK
