LOVELAND, Colo.--(BUSINESS WIRE)--In response to unparalleled demands on lenders resulting from the COVID-19 pandemic, Factual Data, a leading provider of mortgage credit and data validation services to the mortgage lending industry, announced today it will offer Innovis credit reports to lenders at no charge through the end of the year.
Among other provisions, the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act includes mortgage forbearance and renter protection if a consumer can’t make payments due to the COVID-19 pandemic. Since March, more than 40 million Americans have filed unemployment claims and more than 4 million loans are in forbearance.
“After passage of the CARES Act, we were inundated with calls from our customers wanting to know if loans were in forbearance,” said Factual Data CEO Ken Viviano. “Innovis credit reports from Factual Data show forbearance, deferment or natural disaster comment code reporting right on the tradeline throughout the origination process. The reports can also help lenders monitor other loan payment activity, like auto loans.”
In May, Factual Data announced it would offer the free Innovis credit reports through July. Since then, nearly 300 lenders have signed up and hundreds of thousands of reports have been accessed.
“To help the lending industry, we partnered with our affiliate, Innovis Data Solutions, to help provide visibility and inform our customers early and throughout the origination process,” said Factual Data President Jay Giesen. “With the immediate success of the offering, it became clear there was a need for something like this, and we felt we could be a great help by extending the offer through the end of the year.”
Alex Jacobs, President of Wintrust Mortgage, said his company already ordered more than 1,000 Innovis credit reports.
The reports are "extremely helpful and easy to use in identifying loans in forbearance,” Jacobs said. “The flexibility of the report allowed us to operationalize the solution specifically for our processes, and quickly. Access to the data you need, when you need it, is critical to the success of our business and these reports have been instrumental in keeping loans in our pipeline moving.”
Innovis credit reports from Factual Data can be accessed at various stages throughout the loan process at no cost. Other features include:
- Flexibility: The product can be distributed through multiple channels, allowing customers to efficiently integrate the solution specific to their 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: Innovis credit reports help customers navigate the origination process efficiently, giving lenders peace of mind in understanding a borrower's particular condition in real-time, as reported by the data furnisher.
For more information or to sign up now*, please contact Factual Data at:
- firstname.lastname@example.org or
*Subject to customer approval. Terms and conditions apply.
About Factual Data
Factual Data is a trusted provider of credit, risk mitigation, flood, and verification services to the mortgage industry. Leveraging innovative technology and deep industry experience, Factual Data simplifies the mortgage lending process for its customers and their borrowers. For information, please visit www.factualdata.com or follow us on social media at LinkedIn (https://www.linkedin.com/company/factual-data/).