Integration improves home loan application pull-through with instant, in-app verification of borrower income and employment
October 16, 2023 — MIAMI, Fla. — Leading consumer-permissioned data platform Truv today announced a new integration with the Mortgage Suite of home lending solutions from nCino (NASDAQ: NCNO), a pioneer in cloud banking and digital transformation solutions for the global financial services industry.
Traditional verification of loan applicants’ income and employment can be time-consuming and expensive for mortgage lenders. Truv’s ability to instantly verify income and employment for more than 90% of the U.S. workforce solves this problem, enabling faster and more cost-effective underwriting decisions. Now, lenders can offer Truv as an integrated service within the nCino Mortgage Suite, utilized by more than 50,000 active mortgage originators across the United States.
nCino’s Mortgage Suite spans the entire home loan journey, facilitating stakeholder collaboration, integrating lender systems, enhancing operational efficiency and informing data decisioning so lenders can maximize mortgage profitability. Per the 2022 HMDA Data Analysis, 35% of the top 100 lenders in the United States use the nCino Mortgage Suite.
“Slower demand for mortgage loans has made it more important than ever for lenders to maximize conversion of the applications they do receive,” said Kirill Klokov, CEO at Truv. “Any time the mortgage experience does not meet the elevated demands of today’s consumer, lenders risk fallout. Our partnership with nCino mitigates that risk by removing friction from the income and employment verification step to accelerate application conversation rates without increasing default risk.”
“We’re excited to partner with Truv to bring instant income and employment verification to more borrowers,” said Ben Miller, Executive Vice President of US Mortgage at nCino. “By making best-in-class solutions like Truv part of a frictionless, single sign-on homeownership journey, we’re giving lenders a fighting chance to get more loans to the closing table.”
Truv (truv.com) is the market-leading consumer-permissioned data platform that enables financial organizations with access to every financial data source available. Use cases supported by Truv include income and employment verification, employment history verification, paycheck-linked loans, verification of insurance, direct deposit switching, and earned wage access. Through Truv’s model of having access to payroll data, financial account transaction data, tax data, and insurance data, Truv’s platform is built with unmatched coverage, compliance, and data quality.
About nCino nCino (NASDAQ: NCNO) is the worldwide leader in cloud banking. Through its single software-as-a-service (SaaS) platform, nCino helps financial institutions serving corporate and commercial, small business, consumer, and mortgage customers modernize and more effectively onboard clients, make loans, manage the loan lifecycle, and open accounts. Transforming how financial institutions operate through innovation, reputation and speed, nCino is partnered with more than 1,850 financial services providers globally. For more information, visit www.ncino.com.