SettlementOne Expands Truv Partnership to Launch Comprehensive Asset Verification Solution for Mortgage Lenders
The expansion comes as the mortgage industry continues its recovery, with lenders focused on operational efficiency after facing average origination costs of $10,806 per loan and two years of challenging profitability.*
“This integration represents a natural evolution of our partnership with Truv,” said Michael Lord, CEO of SettlementOne. “By adding asset verification to our platform, we’re providing lenders with a complete verification solution that addresses both income and assets through a single integration.”
The solution provides support for Freddie Mac LPA AIM and Fannie Mae Day 1 Certainty, offers direct connections to 13,000+ financial institutions, up to two years of account history, and customizable reporting options, including configurable thresholds for large deposits and withdrawals, transaction categorization, and the ability to leverage direct deposit data for employment verification.
“SettlementOne has been instrumental in helping us bring modern verification solutions to mortgage lenders who need them most,” said Kirill Klokov, CEO of Truv. “Its deep understanding of the mortgage industry, combined with our technology, creates a powerful solution that addresses real pain points. And its 90-day free refresh feature solves the challenges lenders face with lengthy closing cycles and changing borrower circumstances.”
The asset verification solution is available now through SettlementOne’s existing platform. Current SettlementOne clients can activate the service immediately, with no additional setup required for those already using Truv for income verification.
For more information, visit settlementone.com.
About SettlementOne
For over 25 years, SettlementOne has provided credit reporting, data, and verification solutions to financial institutions nationwide. The company’s comprehensive platform helps lenders minimize risk while improving the borrower experience. Learn more at settlementone.com.
About Truv
Truv is a leading provider of real-time income and employment verification solutions, offering fast, secure, and reliable data access to help lenders, insurers, and service providers make more informed decisions. Truv’s mission is to streamline the verification process, eliminating the inefficiencies of manual document submission and ensuring higher accuracy for businesses and customers. Learn more at truv.com.
*Source: Mortgage Bankers Association Q2 2024 Quarterly Mortgage Bankers Performance Report
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Rachel Drage
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