BUFFALO, N.Y., Aug. 1, 2024 (SEND2PRESS NEWSWIRE) — LenderLogix, a leading provider of mortgage point-of-sale and automation software for banks, credit unions, independent mortgage banks, and brokers, today announced its integration with automated employment and income technology provider Truv. Through the integration, lenders can now access Truv’s consumer-permissioned data platform through LenderLogix’s point-of-sale (POS) LiteSpeed to obtain direct-to-source income and employment verification for mortgage applicants.
Image caption: LenderLogix.
“With the integration of Truv’s verification capabilities and LiteSpeed, lenders can now enjoy a streamlined workflow that reduces administrative tasks and frees up resources for improved customer service,” said LenderLogix Co-Founder and CEO Patrick O’Brien. “This powerful combination eliminates the need for third-party verification services, leading to significant cost savings and lower overall loan processing expenses. Additionally, the automation speeds up loan approvals, allowing lenders to close loans faster and optimize their operational throughput.
Truv’s technology covers 96% of the U.S. workforce and is proven to save lenders 60-80% compared to legacy verification providers. With immediate access to accurate income and employment data from Truv inside LiteSpeed, lenders can eliminate delays caused by manual document collection and improve review speed by obtaining more complete loan files from the point of application. Borrowers benefit from a simplified and quicker application process, reducing the number of touchpoints and providing a more user-friendly experience.
“Our integration with LenderLogix marks a significant advancement in our mission to revolutionize the mortgage origination process,” said Kirill Klokov, CEO of Truv. “By combining our strengths, we are providing mortgage lenders with the tools they need to deliver exceptional service to their clients while improving operational efficiency.”
About Truv
Truv is a leading provider of innovative solutions for income and employment verification. Committed to transforming the mortgage industry, Truv offers real-time, direct-source verification technology that enhances accuracy, efficiency, and borrower experience. For more information, visit Truv’s Website.
About LenderLogix
LenderLogix leverages the four decades of firsthand mortgage origination and real estate experience of its executive team to design customized software to meet the needs of today’s mortgage lenders. The company’s suite of products addresses the speed at which today’s real estate market moves by delivering technology solutions that create agile and informed borrowers, build strong referral partners and ultimately save lenders time and money. For more information, visit https://www.lenderlogix.com/.
News Source: LenderLogix