The Free Toaster E029 - Income Verification, With Kirill Klokov, CEO at Truv
We sit down with Kirill Klokov, CEO of Truv, to break down everything lenders need to know about income verification providers.
Vetting Income Verification Vendors
- Why most providers use the same underlying data sources
- The power of back-testing analysis on your own data
- Smart questions sophisticated lenders ask during RFPs
The Consumer Experience
- Why 35% of users drop off at bank login screens
- How to build a smart "waterfall" approach (spoiler: start cheap, then hit instant databases)
- The messaging that actually works with borrowers
Beyond Basic Income Verification
- Why a "complete product" covers W2s, gig workers, benefits, and self-employed
- How payroll data beats bank data for complex income situations
- The complexity of underwriting sales reps vs. salaried workers
AI's Impact on Lending
- How AI is eliminating manual QA and bug fixes
- Why payroll data becomes more valuable as AI-generated fraud gets better
- The future of mortgage loan officers (hint: they're not going anywhere)
Truv's New Business Model
- Their shift from per-transaction pricing to "pay when the loan closes"
- How this aligns incentives and removes upfront risk for lenders
Find Kirill Klokov on LinkedIn:
https://www.linkedin.com/in/kirillklokov/
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