This is a YouTube video titled "Why Truv? Hear from HFS Financial" featuring Andrew Collins, CEO of HFS Financial, discussing their experience with income verification solutions in the home improvement finance sector. The content includes a dialogue between Andrew Collins and another speaker about improving efficiency, fraud mitigation, and the use of consumer permission data in their loan processing system. The discussion highlights the benefits of adopting modern, flexible verification technology to enhance user experience and reduce fraud.
So Andrew Collins, I'm the CEO of HFS Financial. We've been in business for about 13 years and we're in the home improvement finance space. So we operate in all 50 states. We work with primarily homeowners who are seeking to do generally larger dollar home improvements on their property. You know, we were on a path.
To finding a better way to verify income.
You know, we're always looking for efficiencies, right. We want to save time really primarily for the consumer. We want to make it a really frictionless journey. But also obviously for our team, if we can have one person increase efficiencies by 10% and replicate that amongst that entire department, that's great. But a real big driver was fraud mitigation we had detected. And then of course we didn't detect that was out there, fraudulent income, whether that was Dr. Pay stubs, Dr. W2s. So we had seen internally enough evidence of doctored pay stubs and W2s that we were catching. So of course there's the old question, well, if you're catching this, what are you not catching? Not going to, you know, mention specifics, but we, we really investigated and probably interrogated a lot of companies and we ultimately landed on true. And we break it out into two.
Little blocks to make it as user friendly as possible. So there's drop them into their HMS loan portal. So that's our portal, we've made that. And in there that's you know, where you're going to upload your docs or verify any other additional information that we need. So that's where they may, you know, verify their bank account for funding, upload their driver's license, verify their identity.
And that's where we'll give them sort.
Of blocks and widgets where they can click on to connect their various sources of income. So they might see a widget if they work for Walmart that says, you know, click here to connect your payroll. If they work for HFS Financial, click here to connect payroll. If they have a military pension. So you know, we wanted a company.
That we thought had a lot of.
Flexibility, could grow with us, could move with us. And it's opposite duality, you want to go with, you know, them or some other sort of enterprise legacy product or.
Do you want to go with the.
Newer, you know, more nimble company guys are.
Guys are great, very responsive. I'd say it's a great product.
I think that in general consumer permission data is, it's here, but I think it's also the future. I think it's going to be more and more used, whether it's sort of, you know, comes through in the regulatory requirement, if there's any legislation passed.
But I mean, the end of the day, we are, we're a middleman. We're here to make things Amazon easy, right? So if you are in that space, you got to adopt something like this.
