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Most would-be homebuyers who have granted their mortgage lenders permission to verify their income and employment won’t have to confirm the request a second time with their employer’s payroll provider, thanks to a new automated verification tool from Truework that’s designed to root out fraudulent requests.
The latest incremental improvement in the mortgage application process, Truework Guardian, employs a proprietary risk-scoring system that allows payroll providers to set thresholds for automatic approvals of income and employment verification requests. Only if a request is deemed suspicious does Guardian notify employees and require additional authorization.
Ryan Sandler
“Requiring additional employee authorization on a high-touch transaction like applying for a mortgage adds unnecessary friction because the employee has already provided consent,” Truework CEO Ryan Sandler said in a statement. “With Guardian, we analyze unique risk insights based on the reputation of the verifier, the classification of the verifying institution, as well as IP address and other data points to only require additional authorization when the risk of fraud is elevated.”
The new Guardian tool is available for over 48 million employees served by payroll providers participating in Truework’s instant data network. That network had grown by more than 8 million employees this year with the addition of three new payroll partners.
Streamlining mortgage underwriting could help more homebuyers take advantage of technology that can automate property valuations, allowing lenders to approve more loans without appraisals — a development that has some lenders offering same-day mortgages.
But when verification providers automatically approve verification requests without a…