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TransUnion has expanded its partnership with Truework to provide mortgage lenders with broader access to income and employment verification data.
The collaboration integrates Truework’s verification system into TransUnion’s advanced programming interface (API), allowing lenders to verify borrower income and employment through multiple methods. The mortgage addition follows similar integrations for rental screening and auto lending.
“With mortgage originations expected to rise this year, lenders more than ever will need efficient tools and resources for streamlined income and employment verification,” Satyan Merchant, mortgage business leader at TransUnion, said in a statement.
“TruVision Income and Employment Verification provides lenders with access to these major verification methods in one single solution.”
After years of sluggish activity due to inflation, high interest rates and a tight housing market, mortgage originations are expected to rise to 5.7 million in 2025, up from 4.6 million in 2024, according to TransUnion.
The enhanced verification system incorporates instant access to data from more than 48 million employee records, consumer-permissioned payrolls that cover 90% of U.S. employers, and automated outreach to human resources departments and third-party providers. According to TransUnion, the platform has an average completion rate of 75%.
Liz Pagel, global head of alternative data at TransUnion, said the integration with Truework aims to improve lending efficiency and added that the tools are ready to adapt to ever-changing regulations.
“The regulatory landscape changes by the minute,” she said. “This is a solution that’s timeless in that there is a need to verify income for many, many credit products out there. That’s not going away. That’s just a fundamental need for this industry.
“I think that this solution, because it’s so dynamic, it can pivot, because it has multiple ways to get to an answer for income for the consumer that’s verified and flexible with lender needs right now.”
TransUnion and Truework first partnered in mid-2023 to provide comprehensive income verification coverage.
Rollout of the newly enhanced platform will take place in phases and is set to include integrations with loan origination systems, point-of-sale platforms and government-sponsored enterprise certifications, according to TransUnion.
Pagel said that a broad range of lending and business sectors will be able to put the tools to use.
“We’re already in the tenant space and in the auto space,” she said. “We’re also making this available to any of our customers that might need it. We’re dipping our toe in consumer lending, for personal loans, anywhere that it is useful to verify income. This is going to have an application in many spaces.
“We want to be there for the lender as a comprehensive solution. You can get your credit data and you can verify income at a very, very high completion rate. That’s the goal. That’s what we want to be. We want to be a good partner and have a full set solution.”
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