NEW YORK--(BUSINESS WIRE)--TRUE, the leader in Lending Intelligence, today announced continued success in transforming the way data is used across the lending industry, with distribution momentum being realized through new industry partners, the release of first-of-its-kind lending technology, and appointments of key executive positions across the firm.
According to the Mortgage Bankers Association (MBA), the average cost to manufacture a mortgage loan is $9,300* and it continues to increase. Although the lending industry has invested extensively in automation, primarily to address these increasing costs, the expected savings have not generally materialized. A significant reason for this is data. More specifically, cost-efficient access to error-free data that presents a holistic picture of lending customers.
TRUE creates error-free, trusted data that powers smart, reliable decisions and optimizes every step of the lending lifecycle. Because of this, TRUE has been adopted by both large and small lending institutions across the mortgage industry and has become the lending intelligence standard for most mortgage insurers. In addition, TRUE was selected earlier this year by DataVerify to power its new DataVerify Assist™ product, which is available to 1,000+ DataVerify customers and is being deployed into production for a lender that selected the offering soon after the product announcement was made.
With this continued success, TRUE has invested heavily in new product innovations. The firm has enhanced its data intelligence solution, Trapeze, to include automated classification, extraction, analysis, and versioning, without the need for humans in the loop. It has introduced VerifAI, a new data verification solution that automates loan due diligence, audit, QC, and compliance by holistically verifying every document and datapoint across every loan and revealing anomalies that would otherwise result in undetected risk.
These AI driven data automation capabilities, which TRUE calls Lending Intelligence, now powers leading automation platforms and helps them deliver on their promise of reduced cost and reduced time to decision, while transforming the lending experience for borrowers.
As the firm continues to grow, TRUE has undertaken a series of executive hires. Most recently it added Devin Daly, who is joining the firm as its first Chief Revenue Officer. Devin brings a wealth of mortgage industry expertise and experience and has previously held executive business development roles at Homebridge Financial Services, Vantage, and Ellie Mae, in addition to being on the board of the New Jersey Mortgage Bankers Association. In addition to Devin, Stephen Epstein joined TRUE earlier this year as its first Chief Marketing Officer, Brian Dempster joined TRUE as its first Chief Technology Officer, and Bob Noble, SVP Product & Innovation, and Matt Conrad, VP Product Solutions, both joined from Arch MI.
“This year has been tremendous for TRUE. Although the mortgage industry continues to deal with changing market dynamics, the need for transformative lending technology, such as TRUE is now even more important” said Ari Gross, CEO of TRUE. “Earlier this year we rebranded the firm from Softworks AI to TRUE because the industry continually reminded us how we deliver truly transformative results. We continue to onboard new customers and partners because of our commitment to success and our drive to be TRUE. I am especially excited by our expanded executive management team and all the sales, marketing, product, and technology experience that they bring to the company.”
About TRUE
TRUE is a software solutions company and AI lab that helps lenders harness the power of artificial intelligence to make accurately informed lending decisions – increasing revenue while reducing operating costs and risk. Since 2017, it has set the industry standard for intelligent lending technology, delivering results that provide a true competitive advantage. Learn more at www.true.ai.
*Source: Freddie Mac – Cost to Originate Report, 2021
