Truework Platform Adds Automation Capabilities to Encompass

Income verification platform true work Added automatic service ordering feature to intercontinental exchange (ice) mortgage technology‘s loan origination system Encompass.

The integration is now built on the latest Encompass Partner Connect application programming interface (API) platform and available through ICE Mortgage Technology, Truework said Wednesday.

In a statement, Truework said, “This automation eliminates the cumbersome data submissions traditionally required to process income and employment verifications, saving underwriting teams time and eliminating the risk of human error. You can,’ he said.

The new integration allows lenders to automatically search Truework’s instant data network of over 35 million employee records.

Founded in 2017 and headquartered in San Francisco, Truework partners with payroll providers such as: Gust, genefit and Bamboo HR Use its API to verify and authorize borrowers.

After the consumer agrees to a background check, Truework will obtain the borrower’s employer and salary details. If a third party wants to verify your information, they will use Truework instead of contacting the company directly.

According to the company, Truework connects consumers with more than 17,000 lenders from local credit unions to large banks, increasing applicant conversions by up to 14% and reducing verification costs per loan by 60%.

Fintech mortgage consumers include the top 25 lenders, including: Fairway Independent Mortgage, caliber and loan depot.

The company raised $50 million in Series C funding in August to develop a product that will help digitize the verification process for banks and lenders. The company previously raised around $45 million, including his $30 million funding in 2020. Series B funding was used to expand the business and add details to the identities we share.

ICE is waiting for the acquisition of Black Knight in the US report Federal Trade Commission (FTC) blocks potential merger. In May 2022, ICE announced plans to acquire Black Knight in a $13.1 billion deal, with a target of completing 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 report. No final decision will be made until then, according to the outlet.

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