Case Study: Neighborhood Loans boosts verification automation and cuts costs with Truework

Neighborhood Loans cuts verification costs by 50% with Truework

Neighborhood Loans, a nationwide residential mortgage lender, faced a significant challenge as roughly 70% of its income and employment verifications were performed manually. This slow, labor-intensive process required staff to spend excessive time making phone calls and chasing down employers. When loan volume increased, this manual workload necessitated a conversation about hiring additional staff to keep up. The company turned to vendor Truework for its income verification automation platform.

By integrating Truework’s service into its Blend and Encompass systems, Neighborhood Loans automated approximately 30% of its verifications. The solution from Truework provided immense efficiency gains, allowing the company to handle a record year with four consecutive months of record volume without adding any new processing staff. Truework also delivered substantial cost savings, reducing the cost per verification by over 50% compared to previous vendors and slashing pre-approval verification costs by an estimated 80%.

Neighborhood Loans