Verification provider Xactus and income and employment data solution firm Truv teamed up to court more mortgage lenders that will speed up the mortgage approval process.
Xacuts’ current verification capabilities will be augmented with Truv’s income and employment data, Truv, formerly known as Citadel API, said. The firm expects the partnership to allow mortgage lenders verify income and employment for more than 146 million U.S. employees, covering 85% of the country’s workforce.
The collaboration aims to help mortgage lenders have access to income and employment data to assess risk for applicants, a process that is time-consuming and expensive.
“This partnership will enable mortgage lenders partnered with Xactus to speed up the mortgage approval process while decreasing costs relative to current verification methods,” said Kirill Klokov, co-founder and CEO of Truv.
Founded in 2020, Truv covers more than 120 million Americans via 50 integrations with payroll providers and more than 2,000 customer-built connections to specific employers, according to the firm’s website. Over the past two years, Truv raised $31.5 million in funding from Kleiner Perkins, Nyca Partners and other venture capital companies.
Xactus, which started with a combination of credit reporting companies CIS Credit Solutions, Universal Credit Services and Avantus in 2020, has been adding new services and rolling out new programs amid the downturn.
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In June, the firm launched a monitoring program that scans residential addresses for changes in listing status in efforts to court more lenders in a tight housing market. The following month, Xactus acquired MassiveCert, a software firm that provides flood zone determinations for insurance, lending and real estate, to add flood services to its verification solutions.
Xactus is comprised of the merged family of companies that includes Credit Plus, DataFacts Lending Solutions and MassiveCert.
