Borrower experience with Truework

Modified on Fri, May 2 at 1:03 PM

Blend + Truework together power the income verification needs of lenders across the Blend platform. Truework uses a variety of strategies to verify income and employment. Truework's solutions can provide lenders with Fannie Mae’s D1C and Freddie Mac’s AIM across both Instant and Credentials verification methods.

TABLE OF CONTENTS

Borrower Consent
Instant Verification
Reviewing Income Information
Credentials Verification
- Military Pay
- Unable to Find Employer
Non-Sharing Co-Borrowers
Sharing Co-Borrowers
Waterfall to The Work Number (TWN)

Note: The income verification workflow described in this article applies to lenders with Truework enabled. If you’re interested in Truework please reach out to your Blend account team.

Borrowers can review the consumer report consent terms at the beginning of the application. Consent terms will be displayed along with Terms of Use, Privacy Policy, or other consents during account creation.

If lenders have enabled upfront credit consent in addition to Truework, the consent terms will be available when clicking the Credit and Consumer Report Consent hyperlink. For lenders who do not have upfront credit enabled, the hyperlink will say Consumer Report Consent.

Lenders configured with consumer Single Sign On (cSSO) or Delayed Account Creation (DAC), these consents will appear at the bottom of the Getting Started milestone during the application. For all other lenders, borrowers will see the consent terms on the sign-up page.

Instant Verification

Truework's Instant verification method attempts to find a borrower’s income and employment information using the borrower’s Social Security Number (SSN) and Date of Birth (DOB). Borrowers will enter this in the Getting to Know You section of the application.

When borrowers reach the Income section of the application, they will see a pre-fill screen that summarizes the income and employment information that was received from the Instant verification method.

If the verification is successful, a Truework income report will be available in the Documents tab of the borrower's home, and in the Docs tab of the lender application.

Reviewing Income Information

Borrowers can review the retrieved income information for accuracy. If the information is correct, they can simply click Agree and proceed to continue with the rest of the application. If the information is incorrect, they can remove the employer and enter their income manually or use the Credentials verification method.

Click View annual income summary in the employer card to open a modal showing employment and income information for the last 2 years.
If the information is incorrect, borrowers can click Remove to remove the employer from the results.

To continue with the application, borrowers can click Agree and proceed if all the information is accurate and up to date. If the results were removed accidentally, borrowers can click Undo to add them back.

If results are removed, borrowers will be able to manually enter income and employment information. Borrowers will have the opportunity to edit any employment and/or income information before submitting the application.

Note:

Changes made to income and employment information will not reflected in the Truework Income Report, but will exported as part of the 1003. This allows lenders to compare the borrower-stated employment and income information to the 3rd party sourced employment information.
If borrowers remove income, they will The Truework Income Report will not be removed from the Documents tabs in the borrower and lender applications.

Credentials Verification

Truework's Credentials verification allows borrowers to search for and log in to their payroll services to populate the employment and income data from payroll information. With Truework, this verification method is used for both Employment and Military Pay.

When borrowers reach the Income section of the application, they will be presented with the income source selection screen.

If the borrower chooses Employment or Military Pay the next screen will explain that the borrower can securely link their payroll account to automatically import income and employment information, saving more time than entering this manually.

If the borrower clicks I’d rather add details manually they will be asked to enter employment information manually.

If the borrower clicks Connect your income information, Truework's Credentials experience will appear in a modal window. The first screen will explain the benefits of this verification method, and presents the customer with Terms and Privacy Policy information.

Note: Truework controls the content and workflow in this modal. Customers can make minor branding changes (logo, customer name) but the majority of the content cannot be edited.

On the next page, borrowers will be asked to provide the following information:

Employer Name
Start Date
End Date
Position or Job Title
Employer Address
Annual pay

These fields are requested to ensure seamless integration of the information into the loan. The income data model relies on these fields to populate the loan application. In cases where income verification fails or times out, the stated information is automatically added to the loan. This prevents the borrower from having to manually re-enter their data into the Blend application.

On the next screen, the modal will show potential employer matches.

After selecting an employer from the list, borrowers will be directed to enter their login details.

The modal will proceed to the next screen and confirm the login was successful. Borrowers will be able to add new providers (Add employer) or return to the application (I'm done, submit).

If returning to the application, the next page of the modal will inform the borrower that Truework will deliver results to Blend, and that Truework may keep the connection to their payroll provider open. Borrowers can click on the link provided on this page to learn more. Borrowers will click on the button on this screen to return to the application.

Borrowers will now see the Income summary page, and a summary of the income they just entered will be visible on this page.

Borrowers can click Edit to make changes to the existing information. To include additional income, borrowers can click Yes, add more income.

To proceed with the application borrowers can click No, continue.

Note:

Income reports that are requested through the Credentials verification method will not be immediately available in the Docs tab on the borrower or lender application. It takes about 15-30 minutes in most cases for the verification to complete and for the income report to be added to the loan. The LO can view the current status of a login verification in the 'View verification results' page in the lender application.
- If the borrower completes the application prior to the availability of the income reports, then the automated W-2 and Paystub follow-ups will be added to the loan. Those follow-ups will be removed, however, once the income report is available and added to the Docs tab.
Changes made to income and employment information will not reflected in the Truework Income Report, but will exported as part of the 1003. This allows lenders to compare the borrower-stated employment and income information to the 3rd party sourced employment information.

Military Pay

Truework supports an integration with MyPay through the Credentials verification method. Military borrowers can enter this workflow by clicking on the Military Pay tile from the Income page. The content and design of the Credentials modal will be similar to the Employment experience, except military borrowers will not need to search for their employer - they will be directed to log in with their DFAS credentials.

Truework will return an Income Report and Leave and Earnings statements for military borrowers. These documents will be available in the Documents tab of the borrower and lender applications.

Unable to Find Employer

If borrowers using the Credentials method cannot locate their employer, they may click on the I can't find my employer button on the search results page in the modal.

The next page will inform them they can search by payroll provider, and guides them on how to determine who is their provider. If they know their payroll provider, they will click Yes, I know the payroll provider to return to the search screen to search for the provider.

If they don’t know the payroll provider, they can click No. The borrower will be asked to confirm their employer name again and submit.

Truework will attempt to locate a match for the borrower's employment using the information provided earlier in the modal. If there is a success, a Truework Income Report will be available in the Documents tab of the borrower and lender applications.

If a borrower is applying with a co-borrower and indicates that their information should be kept separate, the standard process for the borrower application and income verification will be similar to the single borrower flow as noted above.

After the primary borrower enters the non-sharing co-borrower information, the co-borrower will receive an email with a link where they can start the application on their own. Both the borrower and co-borrower will experience the same flow through their own applications, with successful hits pre-populating income and employment information when they reach the Income section.

A Truework Income Report will be generated for both the primary borrower and co-borrower if verification methods are successful. The reports will be available in the borrower portal's Documents tab and the lender application's Docs tab. For non-sharing co-borrowers, each borrower will only have access to their own reports.

For co-borrowers who agree to share personal and financial information, Blend attempts to pre-fill the income and employment information in the application for both borrowers in the same workflow experience.

When the primary borrower reaches the Income section, the borrower and co-borrower will need to enter income information one at a time. The first screen in the Income section asks which person’s income to add first. Click “Start” to begin the section for each borrower.

If Truework's Instant verification is successful, the income will be pre-filled and shown to the borrower/co-borrower on the next screen.

If the verification is not successful, the borrower/co-borrower will be shown the different income types that can be added to the application. From here, they can initiate the Credentials verification method to add Employment or Military Pay. Refer to the Credentials Verification section for details.

A Truework Income Report will be generated for both the primary borrower and co-borrower if Truework is successful. There will be one report per borrower, per employer. The reports will be available in the borrower portal's Documents tab and the lender application's Docs tab. Reports will be visible for both sharing borrowers.

Waterfall to The Work Number (TWN)

If lenders have both Truework and TWN enabled in their environment, Truework will be attempted first. If Truework is unsuccessful, TWN will be attempted when the borrower submits their application.