Truework: Encompass Integration May Speed ​​Up Mortgage Approval



Nearly half of all US mortgages are generated using Encompass, and Truework’s employment and income data network provides instant verification to over 35 million employees.

In an endless pursuit of shortening the weeks, days, and hours from the time it takes to approve a mortgage, lenders would rather not pick up the phone – let alone leave their lending platform – to check an applicant’s employment and income.

This makes the integration of Truework’s automated revenue verification platform with ICE Mortgage Technology’s Encompass lending platform a worthwhile news story. Almost half of all mortgages in the US are generated using Encompass, the company said, and Truework’s employment and income data network provides instant verification to more than 35 million employees.

Ryan Sandler

Truework’s API-enabled integration gives Encompass administrators “plug-and-play functionality,” making Truework “one of the easiest integrations in the Encompass ecosystem,” said Ryan Sandler, CEO and co-founder of Truework. statement

Sandler told Inman that Encompass is Truework’s first integration with a mortgage-issuing system, but the company is seeking partnerships with other mortgage technology providers.

Verifying employment and income could slow down the mortgage approval process by a few days or even a week, he said. Lenders with the best technology have the fastest processes, he said, allowing them to “shorten the approval cycle by a few days, and also reduce paperwork for the borrower,” Sandler said.

Truework claims to have the second largest instant verification network in the US and is the largest provider of small business verification services thanks to exclusive partnership with Gusto announced in April. If loan applicant records are not available through Truework’s instant verification network, which also connects to Zenefits, UKG and Paylocity, the company can still verify lenders’ income and employment using automated and human processes.

Competitors include Equifax Work Solutions, which offers lenders the ability to find all employers in the previous 12, 24 or 36 months using a service called Job number… A database of work numbers, in which almost 115 million active employee records from over 1 million employers, 223 million times last year.

Other providers of employment and income verification services include Experian. CCC Verify, EmpInfo, Sophistication, as well as InVerify

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