E031 - 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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A word from our sponsor, Spinwheel:

 

Reduce friction in your lending application with just two fields—phone number and birthdate. Spinwheel’s APIs boost application rates by 20-30% while also providing real-time credit data and seamless payment processing. Want to see it in action? Connect with their Head of Growth for a demo!

https://spinwheel.io/partner/?utm_source=freetoaster&utm_medium=podcast&utm_campaign=july

A word from our sponsor, New Market Growth:

 

New Market Growth helps fintech consumer lenders generate explosive growth on affiliate marketing channels like Credit Karma, Experian Marketplace, LendingTree, and others. Affiliate marketing involves marketing & credit risk expertise, and NMG's founders bring this with 21+ years of lending experience and 8+ years experience as executive affiliate operators. If you'd like help planning or implementing your affiliate marketing strategy, email us at [e-mail]

 

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Timestamps:

(00:00) Introduction and Greetings (01:46) Complete Solutions for Income Verification (04:23) Consumer Friction in Lending Applications (08:40) Vetting Potential Partners (22:02) New Pricing Model: Pay Per Closed Loan (26:05) Impact of AI on Lending (32:29) Conclusion and Contact Information