Truework Becomes Authorized Report Provider for Fannie Mae’s DU® Validation Service
New service offering will provide mortgage lenders with a way to improve their borrower experience and help consumers across the country close their mortgage faster
Posted: October 20, 2021 at 8:00 a.m. EDT|Update: 5 hours ago
SAN FRANCISCO, 20 October 2021 / PRNewswire / – Truework, the one-stop revenue verification API, today announced that it is now an authorized provider of earnings and employment verification reports for the Desktop Underwriter® validation service (DU®) by Fannie Mae. Truework is one of the first report providers authorized to offer automated income and employment verification reports, and the first to be authorized to verify income and employment data from other third-party verification providers. instant.
Fannie Mae’s DU validation service, a component of Day 1 Certainty®, offers mortgage lenders a way to improve their borrower experience by reducing paperwork and helping lenders process loans faster. Lenders can reduce the length of the loan cycle by up to twelve * days and be exempt from representations and guarantees when income and employment are validated at the loan level through the DU validation service.
Truework maintains an instant data network of over 35 million US employees. This partnership expands the pool of borrowers whose records may now be eligible for Day 1 Certainty when mortgage lenders use Truework to process employment and income verifications.
“Receiving approval as an Authorized Reporting Provider for Fannie Mae’s DU Validation Service reinforces our commitment to better serve the mortgage industry and help consumers across the country close home loans faster,” said Ryan sandler, CEO and co-founder of Truework. “Day one certainty is extremely important to customers and we are excited to see the impact this new offering will have on lenders and borrowers.”
Truework is also the first reporting provider authorized to verify income and employment data with third-party providers. By introducing additional automation into their verification cascade, Truework enables lenders to receive day 1 certainty from Fannie Mae when income and employment data is validated with the DU validation service through Truework, even when that data on employees come from another verification provider.
“As the needs of borrowers and those who serve them evolve, Fannie Mae remains committed to investing and creating value through the products and services she offers,” said Chuck walker, Vice President of Digital Alliances and Distribution at Fannie Mae. “By adding more options to automate income and employment verification through the Desktop Underwriter® (DU®) validation service, we enable a faster and more efficient loan origination process that creates a better experience for borrowers. “
Becoming an Authorized Reporting Provider for Fannie Mae’s DU Validation Service is the final step Truework takes in building the confidence and efficiency of the verification process for mortgage lenders. Recently, the company announced an integration with Encompass©, the leading loan origination system for underwriting mortgages, allowing lenders to verify any U.S. employee through Truework without leaving the Encompass platform.
Over the next few months, Truework will continue to add additional payroll networks as well as more third-party data providers to its income and employment audit reporting offering, bringing tens of millions of additional employee records. which can be used at the loan level to validate income and employment and potentially be eligible to receive Day 1 certainty.
Earlier this year, Truework announced an exclusive partnership with Gusto to give small business employees access to instant income verifications. This partnership has expanded Truework’s network to over 100,000 businesses, making Truework the largest provider of small business verification.
To learn more about Truework to become an Authorized Reporting Provider for Fannie Mae’s DU Validation Service, visit https://www.truework.com/blog/announcements/posts/2021-10-20-day-1-certainty-truework
Truework is an API platform for employment and income verification that allows banks, lenders and background check providers to verify any U.S. employee. Through partnerships with payroll service providers such as Gusto, Zenefits and Paylocity, Truework has the second largest instant verification network with over 35 million employees. Founded by Ryan sandler, Ethan Winchell and Victor Kabdebon in 2017, the company is backed by Activant Capital, Sequoia Capital, Khosla Ventures and others. To learn more, visit www.truework.com.
* Note: Many best-in-class savings lenders had extended cycle times when not using the DU validation service, typically around 40-45 days from App-to-Close.
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