Let Your Clients Verify Employment, Income and Assets
Geoff interviews Richard Grieser about Truv, a consumer-permissioned income, employment, and asset verification platform that competes directly with the Work Number (Equifax). The episode makes the case that Truv can cut verification costs 60–80% per file and shorten closing timelines by 1–3 days. LOs evaluating ways to reduce per-loan costs or improve borrower experience should listen.
Letting borrowers log directly into their own payroll provider eliminates the middleman markup of the Work Number and can save $160–$320 per file in verification costs.
Takeaways you can run this week
- Calculate your current verification spend: if you're using the Work Number, estimate $55–$100 per person per pull × 2 pulls × 1.85 borrowers per file = roughly $200–$400 per loan. Use that number in your next cost-reduction conversation with your branch manager or operations team.
- Visit truv.com and request a demo this week; if you're a solo LO or small shop, ask specifically about the individual-seat / one-off verification option that launched in late December 2023.
- If your company uses Encompass or SimpleNexus, ask Truv's team to walk you through their native integration so you can evaluate whether verification becomes a push-button step inside your existing POS/LOS workflow.
- Use the ICE Mortgage Technology 2023 Borrower Insights stat in your next borrower consultation: '67% of borrowers said saving money was a top-3 concern; 56% said lender fees influenced which lender they chose.' Then explain how your shop uses Truv to lower those fees.
- Connect with Richard Grieser on LinkedIn (link in show notes) to get a direct enterprise-pricing conversation if your shop closes 500–1,000+ loans per year.
- Reference the Revolution Mortgage case study (EVP of Operations Naomi): Truv shortened their loan cycle by 1–3 days and saved an estimated $20,000/month in operational costs — use this as a benchmark when pitching the switch internally.
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GET FREE ACCESSThe playbook
- 1. Borrower submits application and receives a Truv verification link (sent via email or embedded in the POS).
- 2. Borrower logs into their payroll provider (ADP, Gusto, etc.) through Truv's consumer-permissioned interface — one login, no data sold.
- 3. Truv pulls 100+ income and employment data points and pushes them directly into the LOS (Encompass) or POS (SimpleNexus).
- 4. Re-verification at the 10-day-to-close window is completed via the same permissioned connection — no second manual pull required at full Work Number cost.
- 5. Savings of 60–80% vs. Work Number are passed to borrower, absorbed as margin improvement, or both.
Worth quoting
“Two thirds of borrowers said saving money was one of their top three concerns for financing a mortgage.”
“Lenders are skipping verification steps — it's not what they want to do, it's what they're having to do to save costs.”
Best for
LOs or branch managers whose shops are paying full Work Number rates and want a concrete, integration-ready alternative to cut per-file costs immediately.