DataVerify, in partnership with Factual Data, has announced that it will offer Innovis credit reports through its DRIVE workflow program at no cost through the end of the year.
Last month, Factual Data started offering free credit reports to help lenders facing challenges due to the coronavirus economic crisis. The company recently decided to extend the offer through 2020 after more than 300 lenders signed up since its announcement.
"Lenders are facing significant new challenges due to the COVID-19 pandemic," said DataVerify President Brad Bogel. "Among those challenges is the ability to quickly identify which loans in their pipeline are one of the millions in forbearance. In support of the industry, DataVerify wanted to be part of the solution and help solve one of our customers' most pressing issues."
Innovis credit reports show forbearance, deferment, or natural disaster reporting on the tradeline – enabling lenders to see if a consumer is in forbearance, not in forbearance, or has come out of one. It also provides ongoing reporting of risk factors that may come up during and after loan origination.
"When the fallout from the COVID-19 pandemic hit the mortgage industry, changes were occurring at a tremendous pace. Most of those changes addressed the borrowers' right to forbear and how it would affect the loan," said Kevin Laird, vice president at Howard Hannah Mortgage Services. "The first bit of positive news came from Factual Data. They were offering us an improved [DataVerify] DRIVE report which focused on forbearance issues. We began running the new DRIVE report at three intervals during the approval process to ensure our borrowers were not in forbearance. Thankfully, we were able to address and correct any forbearance issue before our loans closed. We appreciate Factual Data's vision and speed in making the newly improved DRIVE report available to us."