Case Study: Prosperity Home Mortgage cuts verification costs by 90% with Truv

Prosperity Home Mortgage cuts verification costs by 90% with Truv

Prosperity Home Mortgage, LLC (PHM), a top US retail mortgage lender, faced rising loan origination costs driven by expensive legacy verification services, which could exceed $492 per closed loan. Their challenge was to dramatically reduce these verification costs, improve operational efficiency, and enhance the borrower experience, particularly after previous attempts with consumer-permissioned verification resulted in low borrower conversion rates.

PHM partnered with Truv to implement its consumer-permissioned Verification of Income & Employment (VOIE) and Verification of Assets (VOA) solutions. This integration delivered transformative results: PHM reduced its per-loan verification costs by over 90% compared to legacy providers, achieving millions in annual savings. The solution also drove high borrower adoption with a 70% VOIE and an 80% VOA login conversion rate, while enabling seamless cross-platform workflows between their point-of-sale and loan origination systems.

Prosperity Home Mortgage, LLC (phm)