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/
***
A word from our sponsor, Fintel ConnectDrive thousands of new accounts and billions in deposits with the only partner marketing solution built for fintech and banking – your all-in-one affiliate platform, partner network, agency, and marketing compliance engine.
https://partner.fintelconnect.com/get-to-know-fintel-connect?utm_campaign=13897733-2025%20Partners&utm_source=The%20Free%20Toaster&utm_medium=podcast
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 carlos@newmarketgrowth.com
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