See LenderLogix and Truv in action!

Foreign. Welcome, everybody. Thank you for joining. We're going to stand by for 30 seconds or a minute or so while the millions of attendees pour into the audience, into the webinar. I think we're breaking Zoom right now. What do you think, Patrick?

Yeah, we, we sent him an email earlier today, had him scale up some additional server space. So I think we'll be, I think we'll be covered.

Awesome. So while everybody's jumping in, Patrick, what do you got? What kind of food item you got to eat on the. Oh, wait, we're not doing that right now.

I don't think it would be good for either one of our respective businesses for me to be wolfing down food on a Zoom call. So.

Favorite part of my Friday, man, you.

Always got to leave them wanting more, Richard. So you can, you can follow on LinkedIn if you want to see that, that unique content.

Well, cool. So let's kick this off. I'm gonna do a quick introduction, everybody. You've come here today to see True in action in LenderLogix. And this is the unveiling right now. It's our announcement to the world. Who I've got on Here is the CEO of LenderLogix, Patrick. He can do a better intro of himself than I can. I've got Kristen Cooper, one of our top account executives, on the call. She's going to be giving an overview on the back end after the verification has been done by the borrower. And you've got me, who's head of marketing at True, who's really just a face, an ugly face on the webinar. So with that, let's give a quick True overview. Some of you don't even, might not even know what TRUV is. And so you know, True is a consumer permissioned platform for verification of income and employment and assets and insurance. So what does that mean? You might be used to using one of the, you know, the inc, the big incumbent in the space. Prices have gone up for the incumbent. It's really expensive to do a verification of income and employment. You all know who I'm talking about. And in Tru saves about 80% against that, against that alternative. And so usually the first reason that people come to learn about True is for the savings. But, you know, like some of the great case studies we've done before is that True increases speed, reduces the number of days in the loan origination process by giving you very clean, accurate data upfront, direct from the source. So let's just quickly talk about what that means. It means you know, instead of an instant database that's doing it behind the scenes, a unique link is being sent to the Borrower. The Borrower is in a very slick interface, is going to their payroll provider or their banker account for verification of assets. They're logging in, takes a matter of seconds and they pull all those documents directly to the pos. Like where you're going to see just momentarily now you all should, you know, stay tuned at the edge of your seats because this is so quick and so smooth with lenderlogix that you might miss it if you're not watching closely. Like, it literally takes a second for the borrower to, to put their, you know, their credentials into their payroll provider and log in. I think another couple reasons that people like to work with with TRUV is that, you know, our, our, our conversions amongst the highest of all of the different verification providers that are out there. Our customer service is incredible. Matter of fact, when I, when I talk to our customers, that's one of the first things they'll do is like call out their, their rep because they get such incredible service. And then finally our integrations, and that's why we're here right now, because we have great partners like underlogix who have built these really great integrations and you're going to see it live in action right now. So right before we do that, I'm going to give it. Actually, let me just stop for a second and say, Kristen, is there anything you want to mention there that I might have missed?

No, not right now, I think at some point in the demo. But no, you did a fantastic job. Thank you.

So awesome. Patrick, why don't you tell people a little bit about linnerlogix and then just jump into the demo. Sure.

So my name is Patrick O', Brien, one of the founders of LenderLogix. We've been around about 10 years and we started the company looking around at really specific parts of the loan origination process where there's friction and really set out to create beautiful pieces of software with really nice user experiences to help kind of smooth out some of those, smooth out some of those wrinkles, which is obviously the impetus for this, for this integration here. So we sell a handful of products into the space. Kind of a product that we'll focus on today with this integration is what we call Lightspeed, which is a point of sale solution that allows consumers to, you know, in a real slick way, fill out an online loan application, upload documents, securely, automate some of these verifications that Richard was talking about you know, serve sort of as this communication hub between lender and borrower. As you kind of see out there in the space. You know, everybody's using a loan origination system and sometimes those loan origination systems have a component that interacts with the borrower. But we all know that sometimes, you know those, those experiences can be a little lacking. And the modern today's borrower really requires a really rich tech experience in what we're able to do is kind of put those, put those tools in the hands of loan officers so they can provide borrowers a really rich tech experience while sort of also providing them that high touch experience that you know that, that, that many lenders, you know, deliver versus kind of like an online, a fully online loan experience. So we sell a handful of solutions into the space. This point of sal automate the pre qualification, pre approval experience for our borrowers. We facilitate fee collection again using these really rich modern borrower experiences. You know, in, in, in, in that space something that often comes up is, you know, we know a point of friction is, is dot collection, right? Like you guys are, that you guys built a business on that, right? Like how do we get. I'm just going to share my screen here. You know, how can we make you know, the, the approval experience as seamless for a borrower as possible and how can we remove some of those kind of like ugly components of that? So utilizing our point of sale technology, we sort of worked on integrating some of those experiences just to, to make the borrower's life easier. You know our, our mission is really to create kind of awesome borrower experiences. So how do we do that with, with True here and our Lightspeed product. So utilizing our Lightspeed software with this integration with truv, we're able to automatically order for example a voie without a loan officer having to actually place the order within the LOS directly. So the way we think about it is as a borrower's filling out an online loan application, our product really works to curate kind of this task list, what we call a needs list for a borrower once they fill out that loan application. We can be smart knowing how a borrower's filled out an online loan application, what documents we're probably going to be able, what we're going to need from that borrower. Obviously a major component of that's always going to be employment verification, employment docs, asset verification, things like that. So utilizing our Lightspeed platform as a borrower fills out that online loan application able to automatically place the order for that Voie. So it's, you know, the, the user doesn't actually have to go. The, the loan officer doesn't have to go into Encompass or whatever, place the order and kind of kick off that entire process manually. It just happens automatically. Once we identify that the borrower has income that we need to verify, we automatically put that task on this borrower's needs list. So once that borrower fills out the application, they have this curated list of tasks that they need to, to take care of. This is one of those items on the task list that the borrower can just kick off automatically without intervention from the loan officer once that process has been completed by that borrower or by multiple borrowers in the situation where there's a few, the loan officer, the processor, loan officer assistant, whoever it is, whoever needs to get notified that that's been completed gets notified using kind of the typical notification patterns that we have throughout our point of sale. And we've. Everything flows back into the loan origination system. So really what happens is the borrower's presented with that task right out of the gate. The borrower completes the task, the loan officer finds out about it. All the downstream activities are taken care of automatically within the loan origination system. So as the Truve team will kind of talk about maybe some of the benefits that come with some of those types of verifications, you're able to queue it up to the borrower right away, borrower is able to take care of it, you know, without again having, you know, manual ordering or things like that. And once it's completed, everybody gets notified. One of the reasons why we like partnering with TRUV is because I posted about something like this earlier. We are ruthless about user experience. I mean, ruthless. Like we look at every place where a borrower might get stuck on something and figure out a way how can we smooth that out, make it clear to the borrower about what needs to get done so the borrower is not confused. Because a confused borrower works for nobody. And that's one of the reasons why we love partnering with True on this, because True clearly takes that user experience very seriously. So that, you know, it's a, it's a seamless experience for that user. It's very clear about what the borrower to do and like Richard said, kind of queuing it up, it works so slick. It's just, it's very fast and there's, there's actually not a ton to really demo. I'm just going to kind of like cue this up. This is a, a Video of a consumer filling out an online loan application. And you know, we, we kind of, like I said, our user experience is a little different. It's a little more kind of like friendly, you know, you don't feel like you're filling out a form at the, you know, a tax return or something like that. So I have a sped up video here that's just kind of showing a borrower going through, filling out a loan application. We've got a borrower and a co borrower and you'll see here in a second when the consumer gets to the part where they're identifying their income sources. Our user here saying, you know, they're, they work for an employer, they're a wage earning employee and our borrower is going to say that they, they work for Facebook here. Now what we're doing as this borrower is filling out this loan application, we're taking this data dynamically and kind of building this task list for the borrower. So in the situation we have a borrower and a co borrower, you'll see here in a second. The co borrower is also indicating that they're a wage earning employee, they work for Fannie Mae. So once this borrower gets done filling out the loan application, they're met immediately with this task list, with this needs list. So you'll see that here in a second. Once they're done here.

I just read a statistic that it's like 50% higher chance of closing a loan pull through goes up like 50% when someone has a task list like.

That, 100% on board with that. And you know what you find a lot of times like loan officers might kind of create their own task list which they'll deliver to a borrower, maybe via email. Let's automate that out of the way, right? Let's, let's be smart. Let's take the information that we have from a borrower and we can build those task lists automatically. So there's not kind of this like janky back and forth where a borrower kind of sitting around waiting, not knowing what to do. I mean a motivated borrower that wants to get it done is willing to kind of take those actions and, and get right through it. So you'll see our borrower just finished filling out the online loan application and right away we're putting in front of them the option for them to connect their employment accounts and do these verifications. We said Susan worked for Fannie Mae, John worked for, for Facebook. Here we, we build these task lists. There's you know, could. Could be a host of other things involved. If the borrower indicated they were receiving alimony or child support, there's certain documentation that we might ask for a borrower if they indicated that they declared bankruptcy or something like that they owned multiple properties, you know, different real estate docs. These task needs lists are dialed in for exactly what that borrower situation is. But right out of the gate, we know that we need these employment verifications. Let's put it in front of the borrower right now and let's let care of it. So you'll see when our borrower clicks into that, we have a task broken out for Susan. We have a task broken out for John to handle those verifications. I got to keep stopping it because it moves so fast. So John clicks on his verification and it's saying, hey, connect with your employer. Instead of uploading employment documents. So John clicks that verify employment. And we're queuing. We're bringing him right to where he needs to be. We know John works for Facebook. We know he has a meta account. This is a sandbox. So the credentials populated in there. But John would just enter his credentials and. And that's it. Like, I got to stop it again because it's moving too fast. So enters those credentials, the service completes. John gets a message that like, hey, your account's connected. That task is now gone. He doesn't have to do that anymore. That's done. Remember, we had Susan's. Susan still needs to complete hers, so her task remains, but John's all set now at this point. So again, I, I think my video just continues here that Susan can click in and complete hers. I won't walk you through that process again, but what I'll say is working with a partner like true lets us. You can think of how many wrinkles we just solved for that bar. We didn't make that. We knew where they worked. We didn't make them navigate to their employer or find anything. We knew where they worked. Let's bring them right to where they need to be. Right? And the true technology, the APIs that are available to us as a partner, allow us to deliver those experiences. And I don't want to trivialize how much that means to the user experience to be able to just put a. Bring a borrower right to what they need to do in a very efficient way and get them to do that. Once the borrowers completed that again, each borrower's task then is removed off there. All the downstream stuff is taken care of. So in that Moment, we're notifying whether it's the loan officer, loan office assistant processor. These things are configured depending on what the needs of the institution are. But we're notifying all those parties that this verification has been complete, whether it's via sms, email, both, so they know what to do and the, the downstream process within the LOS is all handled. So, so essentially your documents are in the E folder at that point in time and you're able to just kind of move on with your next, with your next task. So it couldn't be simpler than that. I mean, it just couldn't be simpler than that. And, and again, the, the TRUV integration really allows us to kind of drive those efficiencies into our technology. So, you know, we're putting it right in front of the borrower at the right time, making it easy for them and then making it easy for the loan officer so they can do their thing.

That was awesome. I'll throw a couple points out here. One, when Patrick first talked to me about doing an integration, when I was talking to Patrick at first, the very first thing he wanted to do is get our sandbox environment, play around with it and make sure that the borrower experience was good enough for lenderlogix. So when he says that like he's obsessed with the borrower experience, he is obsessed and his team is obsessed too. So I'm. And, and the second thing I'll say is, I mean, Patrick, that is a super slick demo that you just ran through. You know, we partner with all the big players in the space and I, I will say that is, that is right there amongst the best that I've seen. I was blown away right there. Very well done. And that is a very slick Borrower experience. So kudos. A couple points I would hit on. Once a borrower verifies RE verifications would get up to five free re verifications. So that's unlimited now. Unlimited now. Excuse me. Ten days before close, you have to do it again, typically, right? And you have to sometimes even after for qc, after close. Those are all free with truv. So if you just think about digest the savings you get with True in term over the incumbent. It's, it's, it's tangible. Why don't I ask Patrick? Do you mind if we hand this over to Kristen and let Kristen run through some of those documents or do you have anything else you want to touch on?

No, no, no. Like I said, our experience is, you know, we knew it was going to be a quick demo. That's the whole point. We get the borrower right to where they need to be, get it taken care of. We don't want to belabor the issue. And you know, to your point about user experience, like, you know, we want to eliminate those phone calls for our lender. We want to eliminate, we don't want a borrower to ever have to call a loan officer and say like I don't know what to do here. And kudos to your team. I know our Dominic was lead engineer on our side that worked on it. We're closely with your team, Darshana. Like really awesome, just, you know, really awesome infrastructure that allows us to, to handle that. So we appreciate it. Yeah, you can take it from here.

Great, thank you. Patrick. I have a quick question before I get into this. Typically in the past were you. Was lenderlogix asking borrowing your lenders asking borrowers to upload W2s and pay stubs on, on pretty much every loan prior to, prior to this?

Yeah, I mean it's, it's a little smarter insofar as, you know, depending on what the borrower situation is. But if, if a borrower indicates, you know, they're a non self employed wage earning borrower, we, we kind of let the client dictate what they want in those situations. But I would say almost everybody in that situation is asking for 2 years w2s pay stubs covering a 30 day period at a minimum. Some would go further and ask for a federal tax return. So it just, it depends on the lender. But at a minimum you're talking two years W2s for each borrower for every single job and pay stubs covering, covering 30 days. So, so this obviously, you know, eliminates a significant amount of the, the documentation a lender would need.

That makes sense. And I'd say typically that's what I'm hearing from customers that I speak to every day as well. And that's one of my first questions when I'm talking to somebody who's interested in dru is today, do you ask your borrowers for W2s and pay stips? Most of the time, 99% of the time they're saying yes. And what I like to say to them is in this race right now and the race that we're in in regards to technology as technology vendors, but also technology and experience as lenders and trying to make things as easy as possible for them by having the most robust technological experience for your borrowers at the same time you're getting net promoter scores to make sure. That your employees are providing the best experience, the most friendly experience in this competition that we're in right now. If you have a lender who's asking for W2s and pay stubs and another lender that's not, there's an, there's an opportunity there maybe for one to one out. And that's because if you're asking for W2s and pay stubs today, 99% of the time, it's not very often these days that they're probably getting them in the mail from their employer or getting or getting them at the end of the two weeks or at the end of the month as they clock out. They're typically not getting a paper source of it. Typically like 99% of the time going to be living in that payroll provider, especially if they're working for an employer that's leveraging a system like that W2 employees. So in that case, when the lender is asking for these W2s and pay stubs, they are asking their borrower to go in, log into the same system that they're going to be logging in with true in lenderlogix, figure out their password, which they're still going to have to do with us. Yes, absolutely. And then download those documents, either upload them into LenderLogix or email them or whatever it may be. And as you just saw, as everyone just saw what Patrick showed, that stops, they log in and there's no nothing for the borrower to do afterwards. So that's really where you are serving your borrowers with the best technology and making this as easy as possible for them because. Yeah, but they don't want to. They like they don't know that. What if they don't know they're logged in? Well, I'm sure Patrick, this is probably part of the reason you partnered with us. We're making it easy for them to reset, do their forgot password login via phone link. If that's offered through their payroll provider, we make that easy. But what I always say to them is, well, you told me you're asking your borrowers for W2s and pay stubs anyways. If that's the case, you're asking them to log in, they have to figure out that lot in whether they're doing it through truv integrated in lender logics or whether you're getting manually uploaded documents. So on that I'm going to show you what it is that you're going to receive after a borrower has logged in via Truth and After that borrower hasn't had to do anything else. What are the results of that on your end?

And one thing I'll add while you're pulling that up is the, the power that you have as a lender. When a borrower does that right out of the gate, they fill out an online loan application, they're interacting with you and then they, they link that, that employment connectivity. Immediately your loan officer is going into the file and they're able to hit the ground running. They're not waiting around for somebody to do something or go fetch documents at that point in time, like your loan officer pops in. If they're pulling a credit report right away or whatever the case is, they have enough information to be able to move that ball forward. And borrowers have a, you know, an appetite to move quickly when they're doing these types of things. So if you're taking those roadblocks that oftentimes, you know, might slow the transaction down, you're taking those things out. It's super powerful in terms of conversion and retention.

Absolutely. And we find that, we think that's a huge advantage to having something like true integrated into the positive is when borrowers are filling out that application, if they get to the point of submit, we find that borrowers are most engaged at that moment and willing because they're already sitting down in front of their computer or on their phone. We all know there's a whole lot more mobile application activity than there was even four years ago. They're already engaged. They've already blocked that time off mentally on their calendar. It's that Saturday afternoon after they've maybe gone to some open houses, it's Friday evening after work. They've already dedicated that they're going to sit down and spend some time doing this. Anybody who's getting through submit of a mortgage application did not think it was going to take two minutes. So if they were really committing to moving through this process, they know it was going to take a little bit of time. So the more you can give to them to take care of while they've sat down with their co borrower sitting right there on the phone with their co borrower, if their co borrower is not there, more you can take care of in that moment, like you said, the more success you're going to see, the higher funding pull through, pull through rate you're going to see because you're not delaying the process. When you ask them for that needs list and they get the email Tuesday morning when your lo walks in or your loas walk into the office Monday morning, you know, after, over the weekend, that the same way your loan officer in Loa just walked into work and are busy doing their tasks, your borrower is also sitting at their office busy, distracted. They're not going to be taking care of these things. So if you can surface those things when the borrower is already doing it, it's going to be transformational. And everyone we're talking to on here probably knows this because even if they're not doing it with a solution like True, probably doing it with other things out there. So. All right, so. Oh, everybody can see this. Thumbs up.

Not yet, Patrick.

Not yet.

No. Now I can see it.

There you go.

Fantastic. Okay, thank you. So what you're seeing here is the true income report. And everything that you're going to receive in the true income report is what Fannie and Freddie require in order to have a fulfilled boi. So in addition to information about the borrower, their employment status, super important information about the company, you are also going to receive a reference ID for Fannie, Freddie for D1C and AIM. If, if you guys are looking to get D1C and AIM, that's something that Truf does provide. We're really excited to have both certifications from Fannie Mae and Freddie Mac. So this in the income report will show that. Additionally, Richard, I know you talked a bit about re verifications. So this is obviously a full and complete voie here. But at 10 days before closing, if you only want a verbal, if you only want to verify their employment at that time and not their income, you have that option to do from Troop as well. So this is the complete void report. This is typically what you're going to be getting from and ordering from lenderlogix. But you do have the option to do just a verbal as well. So you have their income summary, the bank accounts that this information is available and the recent pay periods. So I all, when I show this to people, they always ask me, well, green, I get this. I did an interim report. You're used to that. But I still need copies of the W2s and pay stubs. Yes, true provides that. So here is an example. This is an actual copy of a W2 that TRUV pulled in from the payroll provider. Same thing with the pay stubs here. So and you can decide from within TRUV how how many days of pay stubs you'd like and how many W2s. So you do have that option as well to customize whatever it is you need is it 60 days? Is it 90 days, whatever it may be. So these W. The W2s pay stubs and the income report are all going to be fed via lenderlogix, likely into your, into your E folder of your, of your los. Patrick, any. Anything you want to add on, on what it is that I'm showing here?

No, I mean I. The simplicity of it is the beauty of it, right? Like the, I think the point you made earlier about the consumer being in the, in the headspace where they expect to be doing some of these tasks makes a huge difference. So getting that kind of, that, that user permission early and then knowing that True has the flexibility, whether directly via True or through the, through the los to kind of specifically pull different, you know, what you might need for a particular file, you know, is, is exact, you know what it takes the borrower out of it. You're just able to kind of get what you, what you want without needing to go to the borrower every single time. You need maybe a different piece of information. So we think it's phenomenal.

Exactly. If there's one takeaway that I want people to get from this webinar, is Borrower engaged in the application or Surface, the True Link from within LenderLogix? As soon as they did login, Borrower was done and you as a lender received this. That's what I want your takeaway to be. These W2 is the pay stubs. There's more obviously in this file. I just didn't open up every single page, every single pay stub from the last 60 days and every single W2 in the last couple of years they've worked here. But that's what I want everyone to take away from here. You're going to receive all this information and the only thing you had to ask for the borrower is to log in. We have their credentials. Richard, there. Are there any questions in the chat or anything that, that we can answer?

No, not right now. I think the other things that I would add is that this is fairly plug and play. You can get going pretty quick. This integration is done. And I, I would say if you're interested in trying Truv and LenderLogix right now, you can reach out to Patrick if you're a LenderLogix customer or if not, you can talk to him also. Of course they'd love to talk to you. You can also reach out to me or go to true.com and schedule a meeting. Or you can, or richardruve.com if you want to. If you want to learn more about Truv and LenderLogix. And if you have any questions and you're listening right now. Well, I'll, we'll give it 30 seconds if you want to, or a minute for anybody to, to ask questions. You want to drop them in the chat. Thanks, Gabby, everybody. Kristen, Patrick, any, any final parting thoughts for this? My only parting thought would be for lenders that are watching right now, the lenders that are using Trove and the savings that they're getting over, the incumbent is making them like, definitely more competitive than other lenders in the, in the market. It is real, tangible savings. And especially, I mean, we're in an interesting market right now where rates seem to be fluctuating, fluctuating on where they're going to go by the end of the year. And so if you think your business is going to scale at all, you don't want it to be scaling in the wrong way with like, high cost compared to other lenders and for borrowers, too. So what I would say is reach out, just have the conversation right now, take a look at what it would look like for you and then, you know, you can make the decision on whether you'd like to try us, try us out. Patrick.

Yeah, I'll add Richard, you know, for, you know, for our clients, like, it's a great thing to introduce where we're able to kind of like flip a switch. Obviously, they talk to the truth team, get their account configured appropriate in terms of, like, what services they need and things of that nature. But we flip the switch and it's, you know, consumer just, it just kind of happens. It's, it's the, you know, it's autopilot, really. You know, is every consumer going to do it? Probably not. But if you make it easy for them and create a beautiful experience to them and leave it up to them and, and make it their choice and, and not confuse them about what it is to do is just really kind of, you know, the, the name of the game when it comes to that borrower experience. So it's one of the, the, the beauty parts of this integration is we can just kind of flip a switch and, and there it is. So, you know, you're not going through a, you know, a lot of technical lift or anything like that to get something like this implemented. It's super simple. You just get your account configured with the True team and we turn it on on our end and, you know, you're off and running.

Love it. Well, everybody, thank you so much for joining and I hope to hear from you guys soon. Patrick, thank you. Thank you. And please say thank you to your whole team for all the work that they did on this integration.

Yeah, same, same. Now, we're super happy about it and we appreciate. We appreciate you guys.

Thanks, Kristen.

Thank you, Patrick. Thank you, Richard.

Take care.