Index Investing News
Sunday, May 25, 2025
No Result
View All Result
  • Login
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
No Result
View All Result
Index Investing News
No Result
View All Result

Truework Adds Fraud Protection To Automated Verifications

by Index Investing News
July 14, 2023
in Property
Reading Time: 3 mins read
A A
0
Home Property
Share on FacebookShare on Twitter


In these times, double down — on your skills, on your knowledge, on you. Join us Aug. 8-10 at Inman Connect Las Vegas to lean into the shift and learn from the best. Get your ticket now for the best price.

Most would-be homebuyers who have granted their mortgage lenders permission to verify their income and employment won’t have to confirm the request a second time with their employer’s payroll provider, thanks to a new automated verification tool from Truework that’s designed to root out fraudulent requests.

The latest incremental improvement in the mortgage application process, Truework Guardian, employs a proprietary risk-scoring system that allows payroll providers to set thresholds for automatic approvals of income and employment verification requests. Only if a request is deemed suspicious does Guardian notify employees and require additional authorization.

Ryan Sandler

“Requiring additional employee authorization on a high-touch transaction like applying for a mortgage adds unnecessary friction because the employee has already provided consent,” Truework CEO Ryan Sandler said in a statement. “With Guardian, we analyze unique risk insights based on the reputation of the verifier, the classification of the verifying institution, as well as IP address and other data points to only require additional authorization when the risk of fraud is elevated.”

The new Guardian tool is available for over 48 million employees served by payroll providers participating in Truework’s instant data network. That network had grown by more than 8 million employees this year with the addition of three new payroll partners.

Streamlining mortgage underwriting could help more homebuyers take advantage of technology that can automate property valuations, allowing lenders to approve more loans without appraisals — a development that has some lenders offering same-day mortgages.

But when verification providers automatically approve verification requests without a full assessment of risk, it can significantly increase the chance of fraud or identity theft, Truework says.

Truework and payroll providers Rippling and Gusto launched a Payroll Network in 2021 that notifies employees when third parties ask to see their employment and income information and allows them to restrict data to specific parties or turn access off altogether.

Truework calls Guardian “the next evolution” of the Payroll Network, allowing payroll providers and Human Capital Management systems (HCMs) to standardize verification automation for every employer using their platform.

San Francisco-based Truework, which last summer raised $50 million in a Series C funding round led by G Squared, is an authorized provider of income and employment verification reports for Fannie Mae’s Desktop Underwriter validation service and also offers integration with ICE Mortgage Technology’s Encompass loan origination platform.

Last month TransUnion revealed that it had taken a $24 million minority interest in Truework, setting the stage for TransUnion to go head-to-head with Equifax’s verification service, The Work Number.

Truework claims to provide coverage for 90 percent of U.S. employees, with 20 of the nation’s 25 biggest mortgage lenders relying on its income and employment verification services, including Fairway Independent Mortgage, Caliber, Guaranteed Rate, Citizens Bank and LoanDepot.

Get Inman’s Mortgage Brief Newsletter delivered right to your inbox. A weekly roundup of all the biggest news in the world of mortgages and closings delivered every Wednesday. Click here to subscribe.

Email Matt Carter





Source link

Tags: addsAutomatedfraudprotectionTrueworkVerifications
ShareTweetShareShare
Previous Post

St. Louis Fed President Bullard says he’s stepping down in August

Next Post

Ukraine receives controversial cluster bombs to smash Putin’s invaders a week after US promised aid

Related Posts

WA renters, landlords put together for brand new cap on lease hikes

WA renters, landlords put together for brand new cap on lease hikes

by Index Investing News
May 24, 2025
0

A monumental change hit Washington’s rental market this month, one within the works for years: caps on lease hikes.However what...

Magnificent Spanish Mediterranean Property within the Coronary heart of Denver

Magnificent Spanish Mediterranean Property within the Coronary heart of Denver

by Index Investing News
May 24, 2025
0

6 Ivy Lane, within the Outdated Crestmoor neighborhood, is well recognizable by its iconic blue tile roof and Spanish Mediterranean...

New-home gross sales climb practically 11%, however figures could also be ‘overestimated’

New-home gross sales climb practically 11%, however figures could also be ‘overestimated’

by Index Investing News
May 23, 2025
0

Gross sales of newly constructed single-family houses rose in April, pointing to continued purchaser engagement through the spring homebuying season,...

Goodyear to Promote A part of Chemical Enterprise for 0M

Goodyear to Promote A part of Chemical Enterprise for $650M

by Index Investing News
May 24, 2025
0

This 640,000-square-foot property situated in Akron, Ohio, serves as Goodyear’s headquarters. Picture courtesy of Goodyear Goodyear will promote nearly all...

Seattle’s solely homeless RV car parking zone makes approach for pickleball advanced

Seattle’s solely homeless RV car parking zone makes approach for pickleball advanced

by Index Investing News
May 23, 2025
0

The Seattle Instances’ Venture Homeless is supported by Campion Basis, Raikes Basis and Seattle Basis. The Seattle Instances maintains editorial...

Next Post
Ukraine receives controversial cluster bombs to smash Putin’s invaders a week after US promised aid

Ukraine receives controversial cluster bombs to smash Putin’s invaders a week after US promised aid

Chandrayaan 3 is an invaluable milestone

Chandrayaan 3 is an invaluable milestone

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED

Ryder Cup: Rory McIlroy, Tommy Fleetwood to lead unchanged Europe out in Saturday foursomes | Golf News

Ryder Cup: Rory McIlroy, Tommy Fleetwood to lead unchanged Europe out in Saturday foursomes | Golf News

September 29, 2023
China scraps vax mandate after 2 days — RT World Information

China scraps vax mandate after 2 days — RT World Information

July 8, 2022
QYLD: What To Expect Once Equity Markets Recover (NASDAQ:QYLD)

QYLD: What To Expect Once Equity Markets Recover (NASDAQ:QYLD)

September 26, 2022
8 Shares And 1 ETF I am Shopping for As Commerce Wars Roil The Market

8 Shares And 1 ETF I am Shopping for As Commerce Wars Roil The Market

March 8, 2025
An Nvidia earnings blowout could actually be bad news for the stock, JPMorgan says

An Nvidia earnings blowout could actually be bad news for the stock, JPMorgan says

February 22, 2024
New York Red Wave is coming ashore 

New York Red Wave is coming ashore 

November 6, 2022
The Prigozhin plane crash — Putin’s revenge? | Start Here | News

The Prigozhin plane crash — Putin’s revenge? | Start Here | News

August 25, 2023
US-China rift looms over Japanese companies

US-China rift looms over Japanese companies

April 25, 2023
Index Investing News

Get the latest news and follow the coverage of Investing, World News, Stocks, Market Analysis, Business & Financial News, and more from the top trusted sources.

  • 1717575246.7
  • Browse the latest news about investing and more
  • Contact us
  • Cookie Privacy Policy
  • Disclaimer
  • DMCA
  • Privacy Policy
  • Terms and Conditions
  • xtw18387b488

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In