“The automation eliminates the tedious data submissions traditionally required to process verifications of income and employment, saving underwriting teams time and eliminating the risk of human-error,” Truework said in a statement.
The new integration enables lenders to automatically search Truework’s instant data network of more than 35 million employee records.
Founded in 2017 and headquartered in San Francisco, Truework partners with payroll providers such as Gusto, Zenefits and BambooHR to verify and approve borrowers with its API.
After consumer consents for a background check, Truework sources the borrower’s place of employment and salary details. When a third party wants to verify that information for the person in question, it uses Truework rather than contacting the company directly.
Truework connects consumers to more than 17,000 lenders, from local credit unions to large banks, increasing applicant conversion by up to 14% and reducing verification cost per loan by 60%, according to the firm.
The firm raised $50 million in Series C funding to develop products that will advance digitizing the verification process for banks and lenders in August. The firm previously raised about $45 million, including a $30 million funding in 2020. The Series B funding was used to expand its business and add details to the identity information that it shares.
ICE is waiting to complete the acquisition of Black Knight amid reports that the U.S. Federal Trade Commission (FTC) will block the potential merger. ICE announced plans to acquire Black Knight in a $13.1 billion deal in May 2022 with a goal to complete the transaction in the first half of 2023.
The FTC, which has been scrutinizing the deal for months over mounting antitrust issues, is expected to challenge the deal this month, Politico reported. No decision would be final until then, according to the outlet.