Floify unveils new integration with Truv to improve mortgage lending

US-based point-of-sale (PoS) solution for the mortgage industry, Floify, has announced a new integration with consumer-permissioned data platform Truv, enabling borrowers to electronically verify their income and employment as they apply for a mortgage loan.

Floify called the manual verification of income (VOI) and verification of employment (VOE) a “major source of production friction” for mortgage lenders.

Truv has the ability to electronically verify income and employment for 95% of the US workforce, while Floify allows lenders to create customisable borrower journeys.

The new direct integration means that when borrowers opt to electronically verify income and employment through Floify’s borrower portal, Truv automatically retrieves two years of W-2s, paystubs, bank statements and 1099s, giving lenders the information they require to pre-approve borrowers.

“We are always looking for ways to improve the lending experience for both homebuyers and lenders, and this integration accomplishes both,” said Sofia Rossato, Floify’s president and general manager.

“This integration not only achieves that but also caters to users who favour Truv’s efficient verification services. Simplifying VOI and VOE empowers borrowers and lenders with a smoother, faster path to home financing.”

Kirill Klokov, chief executive officer of Truv, said: “From our perspective, the timing of this integration will be welcomed by lenders looking to scale back costs, saving 60-80% compared to traditional verification providers.”

“Lenders now have the opportunity to maximise pull-through of the applications they receive, realize a substantial increase in conversion, and reduce risk and fraud end-to-end,” added Klokov.

Last year, Truv integrated with cloud banking provider nCino’s range of home lending solutions to reduce the time it takes to verify loan applicants’ income and employment.

It means that mortgage lenders can offer Truv as an integrated service within the nCino ‘Mortgage Suite’, which spans the entire home loan process.