Discover the Future of Verifications in Mortgage Lending

And we're live.

All right, here we are.

There we go. Right on. Millions of attendees pulling in, pouring in right now.

Well, if it wasn't the. If people were on time, it wouldn't be the mortgage market. That's why we need technology to keep everyone on track.

Right?

Exactly right. I would die without my schedule, so.

Well, get comfortable, everybody. We're going to give it a minute or two while people sign in. Graham, while we're waiting for the hordes to pour in, why don't you tell me a fun fact about yourself that nobody really knows about you?

Well, I think my wife knows this, but I went snowboarding 22 times this last winter season live in Colorado. So that's about what I spend all my weekends doing. Not sure how fun that is, but it's a lot of what I do.

Oh, that's pretty fun, man. 22 times is a lot.

That's every weekend that I wasn't traveling for work to a conference. Sometimes weekdays when I can get them off. How about you?

Awesome. Yeah. When I was young, I used to have a season pass, everybody, just so you know, we're just giving it a minute while people come in. Graham is a legendary snowboarder and has gone 22 times this season already. Fun fact about me, I lost £75 in about two months to qualify for my college tennis team because my coach took look at me and was like, you can't play. You're too heavy. So I lost two months, man. It was. That was tough.

That's David Goggins level, man. That's a lot. That was really tough to do in that time frame.

I think the weight wanted to come off me. Got everybody. You've. You've come to the right place. Let me just make sure that attendees can chat. Yep, attendees can chat. If you're. If you have a pulse and you're awake and you just signed in, why don't you type into the chat where you're calling in from? I'll start. I'm in Washington, D.C. well, at least I'll try to start. I'm in C. Washington, D.C. oh, that was hosting panels. Let's do everyone. There we go. Washington, D.C. and Graham's in Colorado. I am.

I am.

All right.

Fun thing about this market is it's everywhere because homes are so I'm interested to hear what everyone says.

Cool. Houston. Thank you, Morgan. Thank you, Morgan. Anybody else want to chime in really quick? We'll give it a second. I'm going to give it one more minute, and then we're going to kick off New York. I love it. Nolan, were you at secondary just recently? Charlotte.

Charlotte, North Carolina.

Love it.

A lot of beautiful cities. A lot of hot cities, too. Everywhere we listed so far has been pretty hot.

Yeah. Yeah, for sure. Well, I think we've given it enough time. Fram. Let's get started, everybody. This is going to be a short webinar. We're going right to the point. We're going to show you what TRUV looks like in Vesta. Vesta you've probably heard of before. It's cutting edge LOS that's entered the market. And so you're here. We're here to look at what the future of verifications look like in mortgage lending.

So.

So if that's the reason you're here, you've come to the right place. Congratulations. If you're here for your salsa lessons, you're probably on the wrong zoom and you can make that change. Graham, why don't we start off with just an introduction, telling people about yourself. Tell people about Vesta. Go ahead, man.

Yeah, absolutely. So my name's Graham Young. I'm an account executive with Vesta. And like Richard said, Vesta is a modern los. Not so much cutting edge as sort of modern software that does what an LOS should do. We're about five years old at this point, and I hope to show today some of the features that set us apart in the market. I'm also excited to show how True is different as well. Richard, you want to kick it off? I think you have something to show as well.

Sure. I'm Richard, VP of marketing here at Troove and TRUV is a consumer permissioned verification provider. Consumer permissioned, the operative words there, meaning the consumer is giving permission to access their employment and income information. So I just got a slide here. I'll throw up. Don't worry, everybody. I'm not going to do this too much. This is probably the only slide I'll show you on this webinar and you can see the different products that truv Income and employment verification and assets. That's your bank verifying assets through your bank accounts and verification of insurance. We also have direct deposit switching products for the retail side of a lot of depository institutions. But that's probably not for this webinar, which is mostly mortgage. And today, everybody, we are going to show you a verification of income and employment live Investa. So before I do that, though, I'm going to wake everybody up. I'm going to do two back to back polls. Right. The first question, it should be on your screen right now. Graham, you're not allowed to answer. Sorry. Do you use a consumer permission verification provider right now? That's the first question. So are you actually using a consumer permission verification provider? So hopefully. Oh yeah, there's one saying yes. That's cool. I should really should be asking, hey, is that true? So we got one, we got. Looks like we're 50, 50 right now. I just like to know in the audience like who's there and you know, so I can cater curtail what we're speaking to and if you're on the fence about it for sure you can reach out to me anytime and I'd love to talk to you if you like. Feedback. Looks like the audience is pretty split from what I'm seeing. I'm going to end the poll and share. I'll share the results. You guys can see 60, 40. No, actually. So we'll stop sharing.

That's a good poll, Richard. I would have expected, I don't know what I would have expected, but split 50, 50 is interesting. I think that'll be a good demo to show today then to have the audience.

Well, what was interesting is when I first started at True a couple years ago when I would go and talk about Trove and, and I talk about consumer permission verifications. Most people when I ask that question would say no, I don't even know anything about it. Will people use this? This is very new and that's totally changed. It's usually 50% are using it and almost 100% are thinking about using it right now. So the kind of proving days of consumer permission providers is past. You know, we have Freddie and Fannie certifications and now we're scaling, you know, a couple hundred clients. I would say, you know, in the top 10 banks, I could keep going for days. I love talking about truth. Let me kick off our other poll right now and that's on your los. We are recording, Owen, don't worry. The question is, do you love your los? Like so write in the chat if you will, if you don't mind. Everybody, your biggest struggles, you know what I mean? It could be lack of responsiveness, it could be the cost, it could be a lot of different things. So just write in the chat if you've got any gripes about your los. Those are always good for someone like Graham and for, for us as well. You know, True is integrates with Los and POS's and I like to hear about, you know, how people are thinking about it. So we're looking pretty split, 50, 50 right now. If there's anything at all that you have, feedback wise, we'd love to speak to it. So just throw it in the chat at any point. I'll be, we'll both be monitoring the chat just so everybody knows to set the table. We're going to kick it this, kick the demo off in just a second. But I don't like to wait until the very end. I like to address your questions as you have them. So when you have them drop it in the chat. We're going to answer them live and speak to them live. So we're both watching. All right, I'm going to end this poll and share the results. Click. We got a quorum. Looks like. Oh, about 60. Yeah. So about 63% don't love their LOS. So that's why I really wanted to see if anybody was willing to share kind of why the why, you know, you know, I've researched this stuff before. Common complaints that people have with their loses and, and, and things that they like about them. But it's always good to, to see. So look, we're watching the chat. If you want to, if you want to throw in there what, what you don't love about it or what you do love about it or even name an LOS provider, you don't have to do that. But we're watching. So, Graham, why don't we do this. Let's kick off, Kick this off. Go ahead.

Awesome. Love is a pretty strong word too about an los, really. If you have any strong feelings one way or another, must definitely talk at some point. So I'm going to share my screen here and what you're looking at is Vesta. So this is what a modern LOS looks like that has a lot of functionality you might not be used to. So quick, quick tour here on the left, you can access information about the loan, more details, admin information, audit history, and all the stuff that you should be able to access within an los. But today we're going to go into the incomes tab and talk about income verification. Now, Truv integrates natively with Vesta, which means you don't have the context switch and it's going to look the same inside the rest of the, as the rest of the investor environment. So on this button over here, income verification. When I click that, it'll allow me to start linking to truv, make that call and receive the verification back from Truth. Before we go on, let's see how much information I have in this demo loan Here Andy America, everyone's favorite demo loan in this market. Mark Zuckerberg Meta CEO that's plenty of information. So we should be able to call this income verification from True today. So we'll go in there, we can see that we have not verified the income yet for the borrower. So business cases, maybe this is post application early in the fulfillment process and we're going to go ahead and order that now select True for the credentials and the income. And I have this checkbox here. Because Vesta is very configurable if you had multiple incomes, we always want to make sure that we let you take control of the process and select exactly which income to verify in this case we'll place the order and while I go into my email and dig up that borrower email that they just got sent Richard, what is happening right now on the troop side when I click Order Investa. High level.

Yeah, high level. You can, you are, you are sending to the, to the borrower a link to verify and open up the bridge for, for True, which, which basically is, we call it the bridge. And that's basically our interface which is really slick. Designed by the same designers that work for like Apple, the likes of like Apple. And the borrower can, can type in their employer or their payroll provider. The system's very smart. And so as you're typing, look Graham, showing it right now.

Here we go. Yeah, show it as you narrate it and we'll go through right now. And like Richard was just saying, the borrower is doing what I'm showing on the screen today. They're going to log into their provider with their employer, sign in, give them 10 seconds, but you only really need six or five with truth. Sixth in this case, throw a confetti party. Excuse me. And then click Done and go back to Vesta. And then we should see this status here that says pending change to completed in a few moments.

The one thing I'll let everybody know is that the borrower is done. If you just saw that was the demo of True by the way everybody for the borrower facing aspect like that's it. It takes a couple seconds. I had a good friend of mine from high school that I've been best friends with for a really long time. I'm 45, so that's saying a lot. And so he, he sends me a note and he's like hey man, I think I just used your product. And I was like what do you mean? And he's like well we're selling our home and buying Another house. And I got this verification email from. I know what you do. And I got this verification email from my mortgage provider and he let me know who they were. And I was like, yep, they're our client. And I verified that it was him. And I was like, so how was the experience? And he was like, he was like. It was. I don't know. He's like, it was just super easy. I just logged in and I was done. And I was like, that's exactly how it's supposed to be.

Yeah, I think I don't know is a great answer there for how was your experience with the data verification provider? Because it should be seamless. It should be something you don't focus on. But we're going to go in here next. We're going to see the actual printout that True sends to Vesta that you can view within the los. So I'm going to scroll down slowly here. Richard, if you have anything you want to call out here about True's return.

Well, the first thing, the first thing I'll say is that this, this is the PDF. This data is also sent directly in fields in the data fields into your los, if that's how you're integrated so into Vesta. And this is the same format that you're. It's purposefully designed this way. The same format that you're used to getting with the other big income and employment verification provider that we all know, and I'm not going to call them out, that we basically save 80% on cost against. And so that's, you know, they're creating our market and we're making it easy for you. So we're delivering the data in the same format that you're used to, just more accurate and a more seamless experience. So if you start at the top, you're going to see the borrower's identity information, identity information at the top and right there on the right. And then as you go down, you'll see the list of employers this borrower works at Meta. So as you scroll down, you'll see employment dates. You scroll down below that, you'll see an income summary briefly. And then you'll get, you'll get pay stubs and W2s, exactly what you need delivered right into your LOS, the way that you're used to it and the way that your systems. The reason we've designed this is to minimize the change. And I think this is actually a good time to bring up Owen's comments that he threw there in the chat. And Owen, thank You for doing that. He was saying one of his. I wouldn't say it's positive or negative. It's just about change. Change is hard. Right, Right. So, you know, people are used to using the, the incumbent in the LOS space for forever. Right. And so when you have to suddenly get the organization to use a different los. I'm sure you deal with this all the time, Graham. Change is hard. And we try and minimize on the truth side, when you, when you start getting our, our verifications of income and employment by getting them in the same format that you're used to. But Graham, we should speak to that, I think really quick. When you're working with lenders and you're talking to them about using a new LOS provider, you know, I would take a moment and speak to that.

Yeah, absolutely, I think so. I'm going to back out of here and go back to best real quick into that view. I think one thing that comes up during conversations often about technology in general, especially in our market because we have so much regulation and just ways that we've always done something to sort of compete against stuck in our minds as we produce loans, is clearly defining the benefits and the cost of a change. And that I think is a good way to frame for an organization whether it makes sense to change at all, because sometimes it doesn't. So I'll show one thing here that is unique to Vesta, that is a way to automate verification with trove and save a lot of time, potentially both for the organization, save a lot of time for the organization and reduce risk during the process. So I'm going to take you into the admin section of Vesta, which is accessible down here in the left. And then I've already got the window pulled up, so I'll just switch over to that. And we're looking at right now an automated action within Vesta. This is key to how Vesta reduces your core processing time and makes sure that you get the least risk possible in your process. In this case, I've already created this automated action. You know, when loan stage is equal to underwriting and the date is changed to today, we automatically run truth. We do the income verification with the TRUV integration. So the effect of this is, let's say every time that you change the stage, or you might know it as milestone to underwriting, you want to verify income. So we save this action and I'll go back into a loan. I'll show you what happens with this automation in real time. And of course, the cool thing about TRUV is it's so fast, nothing really slows down during the process. So here we are in a new loan, an exact duplicate of the one we just looked at. Go into the income verification tab, we can see it's unverified, go back out to Vesta. And all I'm going to do is I'm going to change the stage to underwriting. And to clarify, you could key this automated action on any trigger, whether it's a FICO score, whether it's some sort of stage in pre closing. But in this case, just to make it easy, I'll show you a stage change automation. So we change the stage, go into the income verification and it is automatically calling out that true verification right now. So if I go into the borrower's email and I sign this new true verification process like I did prior in the screen, we will have kicked off the income verification automatically. So that was a lot of talk about automation and stuff. And why does this matter? This matters because when you partner with a provider like Truv and a provider like Festa, you get more seamless production and you reduce the chance that someone makes a human error, which is usually the cause of buybacks if you follow the chain back far enough. Richard? I think so I'm gonna go ahead and just pull this up again and do it one more time off screen. But while I'm, while I'm showing this process again, investor, is there anything that jumps out at you as far as how we handle the automations with truth?

No. I think that what's great is that everyone here should know that you can customize. If you're going to automate the income employment verification, you can customize it. So you know, let's say you want to run re verification. By the way, re verifications are free with true for 80% savings against the incumbent.

I think you should say that again.

In this market it's big savings. It's very easy to get the organization behind it. Especially if you have distributed retail and they own their own P&Ls at your branches, they'll get on pretty quick, get on board pretty quick. Well, so you know, RE verifications are free. You know, we only charge you once. And so you could customize it. You can customize it to say, hey, you know, I want to do it 10 days before close. I want to do however many days you want to customize it. You can customize the initial verification and say, you know, I only want to do it for folks that have FICO scores of this or that, you know, so I want you. And of course, when you actually send the interface, like the screen that the emails and the screen that the borrowers are seeing, you can customize it to your branding as well and into your, you know, if you have any nomenclature that you want to put in there. So, you know, the automation is powerful, everybody and we can customize it to fit your business.

Awesome. Yeah. And I'll just show right now, like you mentioned something about credit scores. So this is how easy it is to customize a trigger and an action with Investa. And we'll say if credit score is equal to, or you know, equal to a greater, any sort of, not equal to field. Anyways, there are so many customizations here. With Investa, you could customize it by credit score, you can customize it by stage change like I did, re verification, etc. And one last thing to show with investors. I'll show you how the reverification process looks like. So if we click this button that pops up once we've already verified once with truv, we'll select the income we want to re verify, send that through. It's going to think a bit, and I guess it's not really thinking, it's calling out to your APIs, getting the data and bringing it back in much faster than you've probably seen before the other providers. And once this is done, we're going to be able to see RE verification report as well. And this is just to simply go through. What's that?

And I just saw the success. It just did it.

Yeah, super fast. And in this case we just want to make sure.

Let me just pause real quick, Graham, just so the audience understands that RE verification was done behind the scenes, meaning the borrower didn't have to log in again. You can hit that RE verify most of the time. If the payroll connection is broken, then sometimes you have to have the borrower do their thing again and log into their payroll provider, but most of the time they don't. And you can just hit that button as many times as you want and re verify the data.

That's a great call out. Thanks for stopping me. Because the RE verification here is very seamless and you can see my cursors on the screen the whole time. I don't have to leave and go sign anything, come back.

So that's important to getting the borrower on board and getting loan officers and your entire team on board. Like usually you have to tell the borrower, like, look, this is going to be like having teeth pulled when you do income, traditionally getting income and employment verification done, you have to log into all your different employment employers and get us all of this information and they're gonna have to do it all over again 10 days before close. Well, you don't have to do that with Dhruv. Right. They can only do it once and then we hit re verify behind the scenes. So it's actually, you know, saving time is one of the in this day and age is one of the most valuable things you can communicate to a.

Borrower and ease of use too. There's so many different systems you have to log on to to get a mortgage and people you have to talk to. It's very confusing for a first time home buyer. If you partner with Truth, you get the seamless experience through Vesta. It's just less things to manage in the borrower side.

100%.

Awesome. Cool. I think that is a general overview of the Truv demo with Investa. I'm sure we have questions.

Oh, go ahead. I think all the Everybody's waiting for you to sing now. That's why they all signed up. I don't know if you put that in your promotional emails. No, I'm just kidding.

I did, I did. Yeah. I'm actually gonna do a rendition of the Star Spiel banner for everyone and it's gonna start in five minutes. Oh, we'll be out of time.

Sorry about that. Let's see everybody, thanks so much for joining. If you have any questions, we'll give it a minute. You can throw em in the chat. We can stay as we would love to answer your questions and we'll stay as long as you'd like. Like you can also reach out to us. I'm tell you what I'm going to do. I'm going to put the demo. This is the demo form for my company. If you want to like if you actually want to see a customized demo to your business, I can figure this out. There we go. Interesting. My my didn't post through no won't. It's not working well. There we go.

There we are. Awesome.

And I'll also give you my email if you want to reach out to me. I will happy to hop on the phone with you at any time and have a chat. Everybody. Thank you so much for joining us today and have a wonderful day. All right, bye everyone.