Consumer-permissioned data platform, Truv , has announced a new integration with the Mortgage Suite of home lending solutions from nCino . With this integration, lenders are now able to offer Truv as a service within the nCino Mortgage Suite, a platform currently employed by over 50,000 active mortgage originators across the US.

Conventional methods for verifying the income and employment status of loan applicants have long been recognised as both time-consuming and costly for mortgage lenders. Truv offers a solution with its capacity to provide prompt income and employment verification for over 90% of the workforce in the US. This addresses the longstanding issue, enabling swift and cost-effective underwriting decisions.

nCino's Mortgage Suite spans the entire home loan journey, facilitating stakeholder collaboration, integrating lender systems, enhancing operational efficiency, and informing data decision-making so lenders can maximise mortgage profitability. Per the 2022 HMDA Data Analysis, 35% of the top 100 lenders in the US use the nCino Mortgage Suite. The official press release notes that slower demand for mortgage loans has made it more important now for lenders to maximise conversion of the applications they receive.

Hence, Truv's partnership with nCino mitigates the risk of fallout by streamlining the income and employment verification process, with the intention of accelerating conversation rates without increasing default risk. About Truv Headquartered in the US, Truv is a consumer-permissioned data platform that enables financial organisations to gain access to financial data sources that are 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 coverage, compliance, and data quality. About nCino Based in the US, nCino is a global player in cloud banking. Through its single SaaS platform, nCino helps financial institutions serving corporate and commercial, small business, consumer, and mortgage customers modernise and more effectively onboard clients, make loans, manage the loan lifecycle, and open accounts.

The main mission of the company is to reshape how financial institutions operate through innovation, reputation and speed. In October 2023, customer lifecycle Intelligence platform, FullCircl, announced its partnership with nCino to provide data-driven experiences to SME lenders. Throughout the partnership, FullCircl would provide its data capabilities and combine them with nCino’s cloud banking platform via API, aiming to deliver fast, secure, and data-driven experiences for financial institutions that optimise their SME customer experience.

These institutions will be given the possibility to optimise the way they meet the needs, preferences, and demands of their SME clients. In addition, they would be able to optimise the time for the funding process by minimising the onboarding procedures, accelerating revenue growth by serving SMEs cost-effectively at scale and reducing risks by spotting issues. .