US-based Truv adds Freddie Mac API to generate instant income assessment
OpenBankingExpo | News
16 Jan 2025
US-based income and employment verification solutions provider Truv has integrated with Freddie Mac’s ‘AIM Check API’ to enable instant and automated assessment of paystub and W-2 data for lenders to use to calculate qualified income.
Through the API, Freddie Mac-approved sellers can get an early view of a borrower’s assets, income and employment before submitting a full application to its ‘Loan Product Advisor’ (LPA).
According to a statement, Truv will retrieve paystubs and W-2s, automate the extraction of data, submit the digitised paystub and W-2 data to ‘AIM Check API’ for income assessment, and provide the automated income assessment to mortgage lenders.
All of which will help lenders improve operational efficiency, as well as the borrower experience, and provide more certainty around assessment of income.
The integration means that mortgage lenders using Truv’s platform will now have access to real-time automated extraction and analysis of income data from borrower-supplied W-2s and paystubs, directly integrated to AIM Check API. AIM stands for asset and income modeller.
This reduces the manual work typically required of lenders, thereby streamlining the loan origination process.
Kirill Klokov, chief executive officer of Truv, said the collaboration with Freddie Mac is testament to Truv’s commitment to transforming the mortgage industry through innovation.
“This integration not only enhances our platform’s capabilities, but also directly ties into our mission to provide lenders with an all-in-one verification solution that results in faster, more accurate loan decisions,” he said.
“We are excited to collaborate with Truv to expand access to LPA’s advanced income assessment capabilities,” added Daniel Miller, Freddie Mac single-family director of strategic technology partnerships.
“Truv’s approach to solving industry challenges aligns with our goals of reducing origination costs and making homeownership more accessible.”
Truv gives financial services organisations access to consumer-permissioned financial data sources, such as income, employment, asset and bank transaction data to provide a fuller picture of an individual’s affordability.
Further reading: LenderLogix integrates Truv’s verification services into mortgage POS
