DataVerify, a leading provider of workflow solutions, data verification, and risk mitigation services to the mortgage industry, announced it has coordinated with affiliate Factual Data to make Innovis credit reports accessible through their DRIVE workflow platform free of charge through the end of the year.
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“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”
“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.”
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Innovis credit reports show forbearance, deferment, or natural disaster comment code reporting right on the tradeline. The reports allow a lender to refresh credit data throughout the loan process to see if a consumer is in forbearance, not in forbearance or has come out of forbearance. It also serves to provide ongoing reporting of risk factors that may arise during and after loan origination.
The federal Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020, providing economic relief benefits to individuals and businesses. Among its provisions were mortgage forbearance and renter protections to consumers who can’t make payments due to the COVID-19 pandemic. As more than 40 million Americans filed for unemployment benefits, homeowners in forbearance plans rose to over 4 million.
