Truv integrates with nCino to remove friction for home loan applicants

US-based consumer-permissioned data platform Truv has 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.

Truv offers instant, in-app verification of a borrower’s income and employment status for more than 90% of the US workforce.

Following the integration, mortgage lenders will be able to offer Truv as an integrated service within the nCino ‘Mortgage Suite’, which spans the entire home loan process, and is used by over 50,000 active mortgage originators across the US.

Kirill Klokov, Truv’s chief executive officer, said: “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.”

Klokov added that with demand for mortgage loans having slowed, it is more important than ever for lenders to maximise conversion of the applications they do receive.

“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 has access to payroll data, financial account transaction data, tax data and insurance data, meaning its use cases include income and employment verification, employment history verification, paycheck-linked loans, verification of insurance, direct deposit switching, and earned wage access.