Truv's integration with nCino's Mortgage Suite enables simple income and employment verification for home loan applicants

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Truv announces integration with nCino's Mortgage Suite to improve home loan application pull-through with instant verification of borrower income and employment.

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• Truv's integration with nCino's Mortgage Suite allows for instant verification of borrower income and employment, reducing the time and cost for mortgage lenders. This enables faster and more cost-effective underwriting decisions, potentially increasing conversion rates for lenders.

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Integration improves home loan application pull-through with instant, in-app verification of borrower income and employment

MIAMI, Oct. 16, 2023 /PRNewswire/ -- Leading consumer-permissioned data platform Truv today announced a new integration with the Mortgage Suite of home lending solutions from nCino (NASDAQ: NCNO), a pioneer in cloud banking and digital transformation solutions for the global financial services industry.

Traditional verification of loan applicants' income and employment can be time-consuming and expensive for mortgage lenders. Truv's ability to instantly verify income and employment for more than 90% of the U.S. workforce solves this problem, enabling faster and more cost-effective underwriting decisions. Now, lenders can offer Truv as an integrated service within the nCino Mortgage Suite, utilized by more than 50,000 active mortgage originators across the United States.

nCino's Mortgage Suite spans the entire home loan journey, facilitating stakeholder collaboration, integrating lender systems, enhancing operational efficiency and informing data decisioning so lenders can maximize mortgage profitability. Per the 2022 HMDA Data Analysis, 35% of the top 100 lenders in the United States use the nCino Mortgage Suite.

"Slower demand for mortgage loans has made it more important than ever for lenders to maximize conversion of the applications they do receive," said Kirill Klokov, CEO at Truv. "Any time the mortgage experience does not meet the elevated demands of today's consumer, lenders risk fallout. Our partnership with nCino mitigates that risk by removing friction from the income and employment verification step to accelerate application conversation rates without increasing default risk."

"We're excited to partner with Truv to bring instant income and employment verification to more borrowers," said Ben Miller, Executive Vice President of US Mortgage at nCino. "By making best-in-class solutions like Truv part of a frictionless, single sign-on homeownership journey, we're giving lenders a fighting chance to get more loans to the closing table."

About Truv
Truv (truv.com) is the market-leading consumer-permissioned data platform that enables financial organizations with access to every financial data source available. Use cases supported by Truv include income and employment verification, employment history verification, paycheck-linked loans, verification of insurance, direct deposit switching, and earned wage access. Through Truv's model of having access to payroll data, financial account transaction data, tax data, and insurance data, Truv's platform is built with unmatched coverage, compliance, and data quality.

About nCino
nCino (NASDAQ: NCNO) is the worldwide leader in cloud banking. Through its single software-as-a-service (SaaS) platform, nCino helps financial institutions serving corporate and commercial, small business, consumer, and mortgage customers modernize and more effectively onboard clients, make loans, manage the loan lifecycle, and open accounts. Transforming how financial institutions operate through innovation, reputation and speed, nCino is partnered with more than 1,850 financial services providers globally. For more information, visit www.ncino.com.  

Media Contacts
Leslie Colley
Depth for nCino Mortgage Suite
+1 678.622.6229                     
leslie@depthpr.com
press@ncino.com

For Truv:
Mike Murray
Director of Communications
Strategic Vantage
(240) 498-0863
MikeMurray@StrategicVantage.com 

Safe Harbor Statement
This press release contains forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally include actions, events, results, strategies and expectations and are often identifiable by use of the words "believes," "expects," "intends," "anticipates," "plans," "seeks," "estimates," "projects," "may," "will," "could," "might," or "continues" or similar expressions. Any forward-looking statements contained in this press release are based upon nCino's historical performance and its current plans, estimates, and expectations, and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent nCino's expectations as of the date of this press release. Subsequent events may cause these expectations to change and, except as may be required by law, nCino does not undertake any obligation to update or revise these forward-looking statements. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially including, among others, risks and uncertainties relating to the market adoption of our solution and privacy and data security matters. Additional risks and uncertainties that could affect nCino's business and financial results are included in reports filed by nCino with the U.S. Securities and Exchange Commission (available on our web site at www.ncino.com or the SEC's web site at www.sec.gov). Further information on potential risks that could affect actual results will be included in other filings nCino makes with the SEC from time to time.

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SOURCE Truv

FAQ

What is the integration between Truv and nCino's Mortgage Suite?

The integration allows for instant verification of borrower income and employment within the mortgage application process.

How does Truv's integration benefit mortgage lenders?

Truv's integration reduces the time and cost of verifying borrower income and employment, enabling faster underwriting decisions and potentially increasing conversion rates for lenders.

How many active mortgage originators use the nCino Mortgage Suite?

More than 50,000 active mortgage originators across the United States use the nCino Mortgage Suite.

What percentage of the U.S. workforce can Truv instantly verify income and employment for?

Truv can instantly verify income and employment for more than 90% of the U.S. workforce.