DataVerify®, a leading provider of workflow solutions, data verification, and risk mitigation services to the mortgage industry, announced today 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.
“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 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.
DataVerify’s DRIVE® platform allows lenders to access Innovis credit reports through an interface connection with affiliate Factual Data. Last month, Factual Data began offering the Innovis credit reports free through July 2020. Over 300 lenders have already signed up and over 1 million reports have since been accessed. On June 11, Factual Data announced it was extending this free credit report offer through 2020.
“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, 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.”
A number of additional benefits come with Innovis credit reports, including:
- Flexibility: The product can be distributed through multiple channels, allowing for the specific solution to be efficiently integrated into unique workflows and use cases.
- Accessibility: The ability for a lender to view the report simultaneously through all channels—on the same consumer.
- Simplicity: Easy configuration and quick, scalable turnaround and user setup, saving weeks of time.
- Adaptability: Lenders can navigate through the entire loan process efficiently and understand a borrower’s particular condition in real-time, as reported by the data furnisher.
For more information or to sign up now*, lenders can contact DataVerify at:
- Email: firstname.lastname@example.org
- Phone: 636.534.3672
*Subject to customer approval. Terms and conditions apply.
DataVerify is a premier provider of workflow solutions, risk mitigation, and data validation solutions for the mortgage industry. DataVerify harnesses advanced analytics and technology to create automated and configurable workflow solutions. Our highly responsive platform empowers lenders through an engine that identifies and measures hidden threats such as data integrity errors and misrepresentations, identity theft, and property and application risk. Engineered to offer optimal flexibility, the DataVerify platform (which incorporates 4506-T, SSA, and employment and income verification) allows lenders to manage risks according to their institution’s tolerance level.