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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 6 April 2024 M T E C H TRUV TO OFFER INCOME, EMPLOYMENT VERIFICATIONS THROUGH FANNIE MAE'S DESKTOP UNDERWRITER T ruv has announced it is now a conditionally authorized report supplier for mortgage lenders using Fannie Mae's Desktop Underwriter (DU®) validation service. After final ap- proval, which is expected later this year, Truv's consumer-permissioned platform will be able to obtain and transmit in- come and employment data through the DU validation service. Fannie Mae's DU validation service uses third-party data vendors to inde- pendently validate borrower income, employment, and asset data, providing lenders with Day 1 Certainty® on val- idated loan components. By digitally vali- dating secure third-party data through DU, lenders can help eliminate the paper chase and get borrowers approved quickly. The all-in-one Truv platform is cur- rently used by more than 100 mortgage lenders to verify a borrower's income and employment information. With coverage of 92% of the U.S. workforce and success rates higher than competitors in the income and employment verification space, Truv enables lenders to replace costly third-party borrower verification service providers and manual, er- ror-prone methods of verifying borrower data with cost savings and faster times to close by two days or more. As an authorized report supplier for Fannie Mae's DU validation service, the Truv platform will enable lenders to: » Reduce the risk of fraud and buybacks by leveraging real-time data directly from the source. » Lower costs by reverifying a borrower's income and employment data at no additional expense. » Accelerate growth by increasing pull- through rates and closing loans faster. » Improve productivity by reducing time spent collecting data to underwrite loans. "We are thrilled to announce our collaboration with Fannie Mae, a pivotal step in our mission to revolutionize the mortgage industry," said Kirill Klokov, CEO of Truv. "This partnership affirms our deep commitment to providing lenders with cutting-edge solutions that empower consumers while driving effi- ciency in the loan origination process." KRISS LAW/ ATLANTIC CLOSING & ESCROW LAUNCHES PILOT PROGRAM FOR DIGITAL NOTARIZATION AND CLOSINGS K riss Law/Atlantic Closing & Escrow (KL/ACE) has launched a pilot program for digital notarizations and closings leveraging a new integration with The Closing Exchange (TCX) and eSign Events by Simplifile. The pilot will empower KL/ACE to deliver a comprehensive, integrated eClosing and eNotarization option for mortgage lenders. KL/ACE clients will now be able to request remote online notarization and mobile closing appointments provided by a TCX notary who is already trained and set up in Simplifile eSign Events. According to KL/ACE Chief Strategy Officer Landon Smith, mortgage lenders taking advantage of this opportunity will now have a fully comprehensive digital notarization and closing option. They will also still be able to order "hybrid" (partially digital, partially manual) and "wet" (traditional, manual) signings as needed, all through the same platform. "For a number of reasons, quite a few mortgage lenders still want or need a mix of digital and traditional closings," he said. "Until now, they were required to do so through multiple applications or portals, adding delay to the process. Through this new program, our clients will be able to meet all of their closing needs through a single avenue." "We are thrilled to announce our collaboration with Fannie Mae, a pivotal step in our mission to revolutionize the mortgage industry." —Kirill Klokov, CEO, Truv