Let Your Clients Verify Employment, Income and Assets

Hey, what's up listeners, Jeff Zimfer. Welcome to another episode of the Mortgage Marketing Radio podcast. So thrilled you are tuning in today. As we wind down the year, it is December 19th when I'm recording this introduction. And before we get into this week's special guest and episode, I wanted to kind of do a quick recap, you know, kind of like a speed recap of some of the most successful stories, testimonials, results that mortgage professionals around the country. I've been privileged to to be a part of their journey over this past year and help, you know, I'll come along side them, if you will, as I guess I'll take the role and I, you know, take it humbly, but proudly the role of coach and mentor and guide, if you will, I think it's probably the one I associate with, you know, guide somebody who helps show you the way you already have within you the capabilities. And sometimes we just need some direction and focus and a path laid out forward and someone to put a light to our feet to help us light the way. And if if that's what I'm doing for the members of our major classes, community, then I'm fulfilled. And that helps me accomplish my mission and purpose on this planet. And so for that, if you are listening and you are one of those major class members, I appreciate you. Thank you. So without further ado, a quick shout out to some of the success stories that we've collected over this past year. I'm just going to briefly read a few of these. I can see Janelle here, 30 attendees for the Reels for real estate class, so many producers in the room. I can go on to share with you another one, Mitch presented his class how to get more listings and low inventory market to an entire brokerage. And he's been asked to return to that brokerage every single month. At the end of his class, he came back to his office with six emails asking Mitch about working together. Here's Carrie. She did attracting the next generation of home buyers, she had 16 people registered for her class, 10 who showed up six who scheduled appointments, immediately in the class using the QR code that we provide to make it easy for you to capture the energy in the room and convert those attendees to conversations. Here's Travis just had 30 agents attend his chat GPT class, got four messages from agents who weren't there after her I was posted the video of his class to social media to create even more awareness the agents were upset that they missed us missed the class and Travis had two new referrals immediately after the class. Here's Tiffany. She recently presented our class master the market. It was voted the best class to date by the agents who've attended her classes. And she actually had a broker co-present and co-host the class with her, which helped her drive attendance and engagement and then leveled up her brand credibility bonus. She gained two new realtor relationships who came up to her after the class and said they want to start sending her business doesn't get any easier than that does it. Here's a great story from Eric. Eric also hosted our chat GPT class for a team of agents. Now get this the team of agents reach out to him after seeing Eric post on social media some photos and videos and stuff from his chat GPT class that he hosted the previous month and the team of agents reaches out and says Eric would you come and teach our team about how to use chat GPT? Of course he says yes. After he's finished one of the agents from that team shared how she just had her best month ever with over six million in sales and that she's looking forward to working with Eric in the future. As Eric says this beats open house visits and cold calling boy it sure does. Here's another one from Carmella. What's up Carmella? A few weeks ago she was sharing wins of the week and our weekly mastermind and coaching call that we do with our members of the managing class community and what Carmella shared was that she had so far for the month scheduled eight appointments and she was also going through her closed loans which had so far made her over $45,000 in commissions and she still has a by the way at the time that she shared this this was a few months ago as I said I'm doing updates from the year so this is actually to be clear back in August and so that was a number back in August. Carmella had already earned 45,000 in commissions just from new relative relationships who have attended her classes. I'd like to check in with her since August and see how that number has grown. Here's Lisa who did a class with Remax and she wanted to point out for us when she shared her win of the week that a lot of times we think that these top producing agents have their your their lender team already in place and sometimes they do but often those relationships are in flux especially in this market and so Lisa hosted this class at Remax and she wanted to say that the you may think that a top producer has the perfect team turns out you never know till you ask this top producer is committed to making us their number one go to mortgage lender because of the value they got from the class and here's the last one I'll share with you just for sake of time even though there's lots more to share these success stories this is throughout the past year here 2023 this up from Nick Nick says he got his two his first two referrals from a whale that he was chasing right one of them was a $700,000 loan and this same agent is introducing Nick to the broker owner to teach classes to the brokerage and help them with recruiting retention and revenue smart play their Nick well done. So you've heard success stories you've been hearing them all year that was just a brief summary of some that we've collected over this past year my question to you is do you want any of those types of results for yourself if you're willing to be coachable if you're willing to get a little bit outside of your comfort zone follow a proven process right attend our weekly coaching and mastermind calls and plug into our system which is about leading with education going from solicitor and vendor to partner in peer by leading with content and classes in person or virtual to help you build your platform and your personal brand in your local market or outside of that market so that you attract instead of chase so that you increase your conversions get more conversations that gets more referrals what are you waiting for go to mortgage marketing dot pro book a call with me and you and I will have just a candid open conversation to learn more about your business learn about what we do and we'll see if there's a fit together if you're right for our community and that's it go to mortgage marketing dot pro all right this week my special guest is a longtime friend of mine Richard griser Richard is an executive at a company called truve truv.com and hey guys you know what's interesting I had a conversation with Richard and I think you're going to find that kind of interesting and engaging and look when you are originating alone right you have to verify employment correct you have to verify income correct and what is the solution or the product or the platform that most of you have been using out there huh what is it a lot of you are using the work number aren't course that's provided by one of the credit bureaus equifax and there's some issues that come with that out of the gate when you consider what's happening with right data trigger leads so on and so forth but did you know there's another option for you yeah there's another option it's called truve truv.com it's unlocking the power right to verify income employment assets insurance etc and I think you'll hear what Richard has to say about making a case for considering an alternative to the work number number one from a pure standpoint of cost savings who doesn't want to pass on significant savings to their clients and who doesn't want to save time truve of course is a you know kind of a forward thinking modern technology company that helps remove the manual processes involved in verifying right income employment assets etc and they have a pretty cool permission based data platform does a lot of the heavy lifting for you does it at a lesser cost than the work number and makes you look like a superstar in here out of past those savings and efficiencies on to your clients so I think you know just listen to this conversation from the standpoint of is this a potential solution for you to help you deliver a better experience for your clients and for your referral partners because once again who doesn't want to lower cost and speed up the verification process and providing right a more seamless transaction for all parties involved and you know mortgage financing so if you want to check out more the links will be in the show notes at truv.com truve go check it out there's some good stuff on there for you to learn from and or reach out to Richard directly we'll put a link to his linked in profile in the show notes and without further ado let's get into this week's show Richard welcome to the show well thank you so much Jeff glad to be here good to have you man I know we've been kind of friends remotely for quite a period of time and I think this conversation today will be very insightful and hopefully inspiring as well for the listeners so before we get into it why don't you just share with listeners who are you what do you do so many my name is Richard Greaser and I'm running marketing at a company called truve truve truve just in a nutshell is in the income asset employment verification space you can check us out at truve.com and I've been in mortgage tech for a while I was at trust engine before and sales boom ring and mortgage coach and so yeah so glad to be here glad to talk about you know what we're doing I think it's really important for both lenders and borrowers okay and let's do this by the way you were educating me the last time we talked on this whole you know space if you will and the current solution or option or lack thereof options for originators regarding verification of employment like it's been up till truve it's been quite limited is that correct very limited yeah I mean basically the de facto is the work number you know the work number Heather GSC certification and a lot of folks most lenders know the work number very well and I think they were happy with it you know 10 20 years ago for a long time and I think the trouble that they've run into is that they've been steadily increasing in in price and I think the industry and the game has just changed at this point and so it's really created a nice it's just a nice time for companies with new technologies like truve to come in and and present new solutions that can do even better for the borrower and the lenders so again I'm gonna may sound like at the novice on this right not having you know originated alone for a minute but this is the work number when you say that the listening audience should know what that is I think the listening audience should know if you're a loan officer or if you're working in corporate maybe you're on the marketing side you don't know so look I'll tell you what it is when you do an application you typically have to verify your income it's funny we're in this industry of trust but we don't trust the borrowers right borrowers are like hey I make this much money and it's like yeah sure you do let's take a look at the w2s shall we yeah and so you know that's that's how it works and the way the work number works it's a it's a company that was bought by Equifax and what the work number does is on the back end they're essentially selling back to the consumer their own data and so the work number is getting their data from ADP and you know the consumers essentially paying for it twice with ADP and the work number and so you know we're doing a whole different model and we're actually taking the consumer it's called a consumer permission platform and essentially the consumer just logs into their payroll provider we've integrated with all of the different payroll providers the technology is just fantastic I mean we designed under like kind of Apple guidelines so if you like Apple products and you like how slick the Apple products are that's the consumer interface it's a really slick product verification super fast and we've integrated with 92% of payroll providers it's the highest coverage that's out there we convert just as well as the work number does and so at the end of the day the consumer can log in once to their payroll provider at you know the application process truth pulls all of the information needed for the loan all the W2s all of that kind of stuff and the consumer doesn't have to log in again when it comes time for 10 days before close which is typically the model and to give you just an understanding and I think most people should understand why it's a big deal right now the work number has been raising their prices year over year for a while now and I don't mean by a little bit I mean like 30% you know over a couple years is a big deal so you know on average bar application usually there's I think it's 1.85 bar wars meaning on average there's like one bar war plus a spouse who are involved in the mortgage application you know you've got 55 bucks to a hundred bucks depending on what tier you're falling in with the work number on just one verification for one person and then you got to do it twice because you're doing it again when you're close to closing so that's getting you up to like a hundred or 150 bucks and then you've got a spouse they've got to do it too so you're looking at like two to four hundred dollars in in verification costs per file and then there's a lot of money some lenders pass it on to the borrower some lenders eat that cost if the lenders eating that cost at the end of the day that's their cost of origination going up look in this market there's not that many loans out there read interest rates are high bar wars are laser focused on line items on lender cost line items and you know a lot of lenders are being shopped and compared to others and so this is a really good opportunity to get in front of get it get it get in front and be innovative because at the end of the day most lenders care and loan officers care because it's saving 60 80% against the work number but then the next question is like well does it work as well as the work number doesn't and that answers yes is conversion is is good or higher well that's what i want to ask you about describe the difference of user experience because to recap what you said with truth you know i'm getting a loan buying a house or whatever and i can log into my existing payroll platform adp whatever that is and you know do the thing how does that compare to the traditional method they've been doing yeah i mean consumers have made it clear they're not happy with the idea of employers and payroll providers selling their private data especially when it's sold back to them well so now you know what happened i just remembered the the i remember back in the day right so you got to get that you're calling somebody if i'm correct the work number they call to get that verification right that is what is usually a waterfall lenders have like a waterfall at the top it's just data that's being passed uh and there's right now now it's okay it's okay i think that you're you're talking to probably an audience that has a very similar experience with that that you've had and so at the top of the waterfall is just data like does is this consumer in in our data set um and then i think after that um that's like you know i don't know what the percentage conversion is it's something like 30 35 percent then after that it's the waterfall is to then actually call the employer an HR department and try and verify and so by conversion just not to interrupt but by conversion what you mean is the borrower complies or there's success of that action step yeah exactly right like the person you were able to verify the income they asked that's the appointment yeah exactly all right um okay so what we're saying is we're we're basically putting that back into the users clients borrowers hands absolutely right and this is the direction that um a lot of the industry is going and is going to be in the future i mean all banking is hitting this way consumers aren't okay with their data being sold especially when it's sold back to them that's like a totally unnecessary cost the the reason we're able to be so much cheaper than the work number is all we're doing is building a bridge to their own payroll provider that they have access to and we can pull it directly into you know the loan operation system or the POS the loan operation system the LOS or the POS we can our integrations are fairly seamless so that you know i mean i think the lenders that we're working on is absolutely love what we're doing so you you think in the spirit of privacy that this is something you would be supporting encouraging lenders promoting you know that hey we're we're not selling your data or what would be the positioning around that do you think yeah i mean i think increasingly that's where it's going to get to for sure but i think right now let's be honest it's dollars and cents that are on most lenders minds and then the one thing that gets everybody's attention right away is oh my gosh i can save 60 to 80 percent on my verification cost that immediately gets a conversation going and so it's a really good time as an aside just to be at the company because i think that's probably one of the only things that you can sell to most lenders and lenders and loan officers is cost savings right like hey i can save you a ton of money because there's not a ton of loans loans going on right now in the market so i would i would say it would be nice to have you know the consumer permission the consumers owning their data and doing right by the consumer as the number one motivation but i would say that's more secondary or tertiary in terms of a lenders typical motivation right now it's just the martian nature of the market but with ccpa and where things are going it's definitely going to become front and center uh in a very short amount of time okay um very interesting so i'm an individual loan officer and i'm hearing this and what i'm hearing so far is you know i can reduce the the costs of the loan either to you know my shop right um and or depending on how the how the company structures that some people are passing that on so what do you what what are the key points you would want a loan officer individual carrier not up you know executive at a company per se yet we can we cover that if you want but um what would you want to make sure that they uh hear from this conversation that was directly applicable to them well i think i'm going to give uh two perspectives on the business perspective you as a loan officer running your own business or branch and then the lending company if you're an executive a lending company running your lending organization there's just a business and the business perspective is sixty to eighty percent savings right that's just some it speaks to you right now the average i and b i just read from nba for q3 they published their underwater about five hundred bucks per loan so just think about that for a second we're talking about a reducing a two hundred dollar line item per loan by like eighty percent right so you're a lot a lot less underwater already right twenty twenty five percent less underwater just in the savings uh that you could be with by getting our true of it to do the verifications and the product works just as well so that's on the business side so let's talk about the consumer side ice mortgage technology company uh they just um released a twenty twenty three bar of insight survey survey and they said that two thirds this is twenty twenty three right not old data there uh and by the way ice is a huge market share so uh they revealed that two thirds sixty seven percent of um borrowers that were interviewed said saving money was one of their top three concerns for financing a mortgage and more than half cited how lender fees like fifty six fifty six percent of these respondents cited how lend uh lender fees or were what would make them make a decision on their next month so it's not just it's not just for the company to be more efficient and and operate on lower costs it's also the borrowers care about it too sure um what about the aspect of closing time right or process to your point earlier we're talking about the differences of the true right employment verification versus the more traditional manual process things like that like how often is the traditional method of verification slowing down the loan yeah that's an interesting question i don't have exact data on how how long the that that i can't i can't answer that perfectly what i can say is this we just did a webinar with a client who said that on average a true of his improving uh there's no shortening their loan cycle time by like one to three days and that's all uh that is a lot of money in terms of cost to the lender and it also makes a big difference to the bar because at the end of the day a borrowers sitting around for 30 days i think the average actually is like 45 days uh in in terms of how long it takes to close how long the actual limb origination process takes the bar was just sitting around with anxious waiting that entire time if you can the more that you can shorten that time that's what the the the the the bar really cares about right like take that anxiety away from me and so um our our customer that we just did uh webinar it's no secret it was with revolution mortgage feme is uh just awesome he's their um EVP of operations and um he was talking about how you know their estimate is that truths can save uh $20,000 a month a month uh took in in in costs and it's getting it's getting uh the great document the actual data and that the um that is needed to actually close the loan up front when the when the borrower verifies a lot of people a lot of lenders out there right now you know what they're doing they are skipping because of the work number they are skipping uh verification steps so sometimes you know what i was saying is that you know an application you do the verification and then you do it again uh when you get close to uh ten days out to close there's a reason for that right regulation and stuff like that but but you can do little hacks to try and remove one of those verification steps and that's what a lot of lenders are having to do it's not what they want to do it's what they're having to do to try and save costs off their bill and with truth they're actually able to go back and re-verify stuff that's in their pipeline because they're like hey i can afford to do this again what's the user experience for the mortgage originator what how do they you know initiate this process on behalf of a client like what does that look like you know loan app process all that stuff yeah the integrations are pretty awesome they have a really good simple nexus integration if you like it with your POS we have this is one of them we have a really good integration with uh encompass um so it depends i think excuse me on the um the uh loan officer or the lender it depends on how you like to do it uh your your your your process but it's push button get verification you basically push button it sends out the verification it's a link you can put it out in the email if you want to um or it can go you know directly from your uh LOS or from your uh POS it's very seamless with the POS it's actually embedded in knife ring okay who then is your target person so so whoever's listening to this right now right we've got the individual producer we maybe a branch manager maybe there's a regional or an executive or something but who uh of those people in my potential audience right are the ideal people to have a conversation with about truth well next week if you're an individual loan officer we are launching our individual seat option where you can do one-off verifications wow and that's a really big deal i think for a lot of people who are in the business for themselves or for even small shops and then we have of course lender enterprise packages so if you're i think you know very simple if you're doing you know 500 to a thousand loans per year reach out to us we'll have a conversation on the enterprise level if if you're a single L.O. broker you can um you can go and and do it verifications one-off you just pay for them uh oh by the time this goes live then then that will be available 100% correct all right we're going to put a link in the show notes obviously truth truve truve.com that's probably where they go for those that are listening i want to learn more about this yep absolutely right truve.com or you can reach out to me on LinkedIn Richard Greaser uh you want to have a conversation i love having conversations with loan officers with lending executives reach out to me let's just chat yeah no this is very cool and i think um i'm glad you reached out as well because to your point you know a monopoly uh in the industry for too long raising prices not the best ideal user experience for either the originator or the client for the reasons we mentioned so disruption man it's happening it's happening yeah exactly and you know it's funny these opportunities are created by success a very successful player will just be super successful and you know just be doing what they probably should be doing with their product and it creates opportunities for incumbents to come in and create an awesome product and essentially uh provide a better service so you know it's not just it's it's i'll just i'll all end on one anecdote i have a friend who works for um SAP and they he owns like though he works in the corporate uh section and owns the travel application so like being corporate think Coca-Cola when they want to have their executives travel they booked their travel through this SAP app and uh i hope he doesn't hear this but anyways uh you know they have tont they are now under assault from incumbents i mean they are the dominant market leader with these big enterprises but they're getting we use a company called nivan and nivan is really cool it's like this uh startup where you can book train you can book flights you can book all this stuff and they try and get you the most competitive airfares and they leverage of course the business side to get you better deals then you probably can get on your own and so these competitors are coming in and my friend who works at this big company is sitting here watching these competitors he knows exactly what they need to do to change their business and compete and the company's not willing to make that change because it's essentially a cash cow they don't need to uh you know they they know the cash flow and how it's going to work out for them but it you know that plan works until it doesn't you know and there is that tipping point where suddenly you realize oh man we just lost 20% market share in a quarter or two quarters and that's usually when things change uh at these companies so yeah yeah for sure well this has been really cool man i'm glad we could have this conversation and bring some attention to the listeners so hey if you are an individual allow you heard it like by the time you're hearing this you can go to truv.ru.com and learn more about incorporating this into your process save your clients some money save you some money right um and and have a better user experience for everybody to evolve so uh can't say thank you enough once again for bringing value Richard yeah for the man I love I love talking to you uh it's my pleasure so listeners you know what to do you heard the uh link in the show notes all that if you like this episode hey leave us a review share it with somebody you think might find it useful if you're listening right now and you're like hey this person in my company should hear this please share it with them uh and or at least the uh you know the links to truth so appreciate you tuning in we'll see you on the next one bye for now hey guys what's up real quick uh you've heard about the mortgage market pro membership before and you just want to quickly remind you if that you're in a place in your business where you simply need more purchase loans you need to fill your pipeline with purchase business let's just face it agents are still a solid pillar of business and sources of purchase business for you well good news our mortgage marketing pro membership helps loan officers like you close more loans without the hassle of chasing agents or cold calling done for you agent classes expert training videos a marketing automation platform that automates the entire process for you everything you need to build your personal brand in your local market attract and convert agents into referral partners plus done for you proven marketing materials and plug-and-play content to make promoting your class getting agents butts and seeds partnering with affiliates real easy but that's not all you'll also get access to our weekly mastermind calls with top L.O.'s authors speakers and coaches to learn the best strategies to grow your business right now in today's market and as an extra bonus for limited time for all new members you'll get access to a database of 200 agents in your local market that have closed anywhere to from 8 to 50 transactions in the last 12 months and we'll provide that list upload into our platform for you so you can get off to a fast start in reaching actually productive agents so what are you waiting for you can check out more at mortgagemarketing.pro see more of the success stories there and if you feel compelled to do so book a call we'll have a chat we'll see if us a fit don't miss out on this opportunity to take your mortgage business to the next level right now head over to mortgagemarketing.pro