Truework Becomes Authorized Report Supplier for Fannie Mae's DU® Validation Service

New service offering will equip mortgage lenders with a way to improve their borrowers' experience and help consumers across the country close home loans faster

News provided by

Truework

Oct 20, 2021, 08:00 ET

SAN FRANCISCO, Oct. 20, 2021 /PRNewswire/ -- Truework, the one-stop income verification API, today announced it is now an authorized report supplier of income and employment verification reports for Fannie Mae's Desktop Underwriter® (DU®) validation service. Truework is one of the first authorized report suppliers to offer automated income and employment verification reports, and the first to be authorized for verifying income and employment data from other third-party instant verification providers.

Fannie Mae's DU validation service, a component of Day 1 Certainty^®, equips mortgage lenders with a way to improve their borrowers' experience by reducing paperwork and helping lenders process loans faster. Lenders can reduce loan cycle time up to twelve* days and receive freedom from representations and warranties 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 U.S. 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 report supplier for Fannie Mae's DU validation service solidifies 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 1 Certainty is incredibly important to customers and we're excited to see the impact this new offering will have on lenders and borrowers alike."

Truework is also the first authorized report supplier to verify income and employment data from third-party providers. By introducing additional automation into their verification waterfall, 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 employee data originates from another verification provider.

"As the needs of borrowers and those who serve them evolve, Fannie Mae remains committed to investing in and delivering value through the products and services it offers," said Chuck Walker, Vice President Digital Alliances and Distribution at Fannie Mae. "By adding more options to automate the verification of income and employment through the Desktop Underwriter® (DU®) validation service, we're enabling a faster, more efficient loan origination process that creates a better experience for borrowers."

Becoming an authorized report supplier for Fannie Mae's DU validation service is the latest step Truework has taken to add confidence and efficiency to the verification process for mortgage lenders. Recently, the company announced an integration with Encompass^©, the leading loan origination system for mortgage underwriting, allowing lenders to verify any U.S. employee through Truework without leaving the Encompass platform.

In the coming months, Truework will continue to add additional payroll networks as well as more third-party data providers into its income and employment verification report offering, bringing in tens of millions more employee records that can be used at the loan-level to validate income and employment and be potentially 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. That partnership grew Truework's network by over 100,000 businesses, making Truework the largest verification provider for small businesses.

To learn more about Truework becoming an authorized report supplier for Fannie Mae's DU validation service, visit https://www.truework.com/blog/announcements/posts/2021-10-20-day-1-certainty-truework

About Truework
Truework is an API-enabled platform for employment and income verification that lets banks, lenders and background check providers verify any U.S. employee. Through partnerships with payroll 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 lenders realizing best-in-class savings had extended cycle times when not using the DU validation service, typically about 40-45 days from App-to-Close.

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SOURCE Truework