Boiling Down the Complexities to Birth a More Accessible Loan Origination Process

The human excellence, as a whole, is actually a product of many different factors, and yet no factor can claim to be more instrumental here than the one covering our growth oriented tendencies. These tendencies, on their part, have already got the world to hit upon some huge milestones, with technology appearing as a major member of the stated group. The reason why technology enjoys such an esteemed stature among people is, by and large, predicated upon its skill-set, which guided us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we look up close for a second, it will become clear how the whole runner was also very much inspired from the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a full-blown tech revolution. Of course, this revolution then went on to scale up the human experience through some outright unique avenues, but even after achieving such a monumental feat, technology will somehow continue to produce the right goods. The same has grown increasingly evident in recent times, and assuming one new fintech-themed development shakes out like we envision, it will only make that trend bigger and better moving forward.

Truv, a leader in providing innovative financial technology, has officially announced a strategic integration with Dark Matter Technologies to enhance the loan origination business. Under the agreed terms, Truv will be able to leverage Dark Matter Technologies’ leading loan origination platform called Empower, its Exchange service, and the 17,000 service providers that it connects to top mortgage lenders and servicers. By doing so, the partners should be able to achieve a streamlined brand of communication, collaboration, and processing, doing so in a completely secure and compliant manner. Talk about the whole development on a slightly deeper level, it begins from the promise of accelerated loan processing times. This includes Truv enjoying the option to pull income and employment data, alongside crucial documents like paystubs and W-2s, right from the organic source, such as borrowers’ payroll accounts. The stated live and continuous data connection to emerge here will likely birth higher quality and accuracy, while simultaneously eliminating delays that have long been associated with manual document collection. Next up, we must get into partners’ focus on providing efficient workflow automation. Here, the stated integration is going to introduce advanced workflow automation features, features that will go a long distance when the agenda is especially to create an error-free loan origination process for loan officers. Not just error-free, these features will also orchestrate what would be dramatically increased overall productivity for Truv’s clients. Moving on to the prospect of cost savings, it reveals itself by helping mortgage lenders make a whopping 80% cut back on verification cost. This should, on a holistic note, lead to a financially viable and efficient loan origination process. Another detail worth a mention in the context of the given partnership is how it will provide free reverification to all beneficiaries. In practice, such a mechanism means lenders can access persistent connection for free reverification so to reduce the need for borrower interactions and accelerate loan processing times.

To understand the significance of our following feature, we must acknowledge that Truv is an approved third-party service provider who can support Freddie Mac Loan Product Advisor® asset and income modeler (AIM). Owing to its integration with Dark Matter, though, Truv will let lenders on latter’s platform use its own solution to obtain and transmit the information required in Freddie Mac’s LPA for the AIM assessment. Providing the ultimate narrative to this whole development is, of course, Truv’s proprietary platform, which covers 92% of the US workforce, and to go with that, it is also a trusted partner for more than 70 different mortgage lenders.

But what makes Dark Matter Technologies an ideal partner on the expedition of this sort? Well, the answer resides in its ability to deliver solutions that harness hidden insights to connect seamlessly with advanced capabilities. These solutions then nurture mortgage originations with unique, market-leading innovations. The stated ability of Dark Matter is, at the moment, stretched across areas like mortgage origination, machine learning, digital mortgage, automation, mortgage lending software, business intelligence, data & analytics, artificial intelligence, loan closing, lead generation, lead management, bundled products, workflow automation, and integrations etc. The company’s excellence in providing these services, though, can be fully understood once you consider that, despite starting out recently in 2023, it has already achieved more than 500 associated members, alongside a workforce of well over thousand employees.

As for Truv, we touched on its proprietary platform’s far-reaching track record, but what we still haven’t discussed is the company’s knowhow in democratizing money. Offering an open finance platform for mortgage lenders, Truv brings to the fore services like income and employment verification, employment history verification, paycheck-linked loans, verification of insurance, direct deposit switching, and earned wage access. Furthermore, considering it’s built on extensive payroll data, financial account transaction data, tax data, and insurance data, the company is able to conceive coverage, compliance, and data quality like no one else in the industry. A more concrete example explaining the same would document a 90% increase in fill rates and data accuracy, along with over 17% conversion uplift against the competition. This is a big reason why Truv, at present, has 100+ customers, and also why it was successful in completing more than three million transactions in the year of 2022 alone.