Revolution Mortgage's EVP of operations explains how the company uses digital verification to cut costs and speed up loan processing. Truv handles the verification work that used to slow down their operations.
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EVP of operations at Revolution Mortgage. I keep the mousetrap working together. We're, we're a relatively new IMB in the five year old span and we're doing about $2 billion in business. So we're growing pretty heavily. Hope to be in that 3 number by the end of the year. So the real question is how do you get a digital strategy to help some of these. Your digital strategy again, if you want to start saving money on loans, lower your cycle times is if you could, for everybody that's sitting in my chair, that's in operations, that's responsible for loan quality, that's responsible for manufacturing a quality product that's going to be sold the first time and quickly. If you could just eliminate your ability to, or eliminate your exposure to fraud and eliminate your exposure to, to documents that are insufficient and just put yourself in a space where you could trust your information at day one upfront. Think of what you get in benefit from there, what you save in QC and qa, what you save in third party review, what you save in underwriting, what you save in processing, what you, what you benefit your, your loan officers and your originators with, with being able to give direct answers right up front. That's where you want to go. One of the things Kirill mentioned is that they don't have to attach a database. And I think that's something that people that are sitting in my chair on the other side of this webinar need to understand is the companies don't need to sign up for this. It's not, oh, we've got to start sending our information here and we have to get our information there. It's just a simple matter of whether or not the, the vendor that you've chosen is, is plugged into those particular payroll providers and vendors like true have coverage, 92% coverage. Come on. Right, we're going to get hits back. Since we started this dance together, we've taken our, we've taken our costs for verifications from 8 basis points to loans down to 3 basis points to loans using your consumer permission service. And the other thing is that these consumer permissioned items are actually, they're allowable via Dodd Frank. So you can put them at the front of the application. You can come up and say, hey, I want my waterfall to start with a voa. And then I want to go to the voie and then I only want to do re verifications at this specific space. So putting that at the front of your application and understanding that the wider net that you have, the more pickup you're going to get is really where I would start. So you want to be able to use early check. You want to be able to use Rapid warrants with your income, you want to be able to use Rapid Warrants with your assets. You want to be able to say, hey, I've got this. Not only do I have this in a digital format, but I have this in a digital format that's going to give me record warrant relief.
How CrossCountry Mortgage Saved $10 Million Annually with Truv's Verification Solutions
