Tools to verify if a borrower is in forbearance

As the COVID-19 pandemic continues, the number of mortgages entering forbearance will no doubt continue to rise. It has become critically important to stay on top of your applicant’s status throughout the mortgage process to minimize risk and safeguard your lending business against buybacks.

Forbearance Finder from Credit Plus is a suite of solutions you can use to verify if your applicant is in forbearance.

Undisclosed Debt Verifications (UDV)

UDVs now include forbearance alerts. Obtain real-time monitoring of your borrowers' credit activities from initial credit file pull through loan closing. You can also be alerted if a forbearance appears on their credit report.

Portfolio Monitoring

Monitor your pipeline to become alerted if an applicant has been approved for a forbearance. Or monitor a portfolio of loans you are preparing to sell to stay informed of borrowers who have entered into forbearance.

Pre-Close Soft Pull

This one-bureau credit pull will allow you to see if any last-minute changes appear on your applicant’s credit report just prior to closing. If there are changes, you can order a manual Verification of Forbearance report. Remember, you must obtain consumer consent in the beginning of the loan process to order a Pre-Close Soft Pull.

Manual Verification of Forbearance Report

Temporarily available during this pandemic and only to be used as a last resort, our credit experts will conduct a manual review to determine if your applicant is currently in forbearance. Please note, these manual reviews follow a detailed process which includes conducting conference calls with lenders and borrowers and therefore require more hours and manpower to complete. Due to the time and effort involved, this verification method should only be used if all the other alternatives have been exhausted.

Remember this best practice: Borrower Attestation

Another way to minimize your risk is to have your borrowers sign a document attesting that their income, employment and forbearance statuses haven’t changed before closing.

Related Services


Learn More ⟶

Experian Fraud Shield

Learn More ⟶

OFAC Alerts

Learn More ⟶

Much more than just credit…we’re Credit Plus

Call us at 800.258.3488 or click here to request more information.

Smiling couple with mortgage agent

Knowledge Hub

Here you can find additional industry and Credit Plus news. Just click below for easy access to our many educational tools including brochures, flyers, white papers, videos, webinar recordings, etc. – and past and present news vehicles such as press releases and other media coverage.

icon-search old-logo-credit-plus-inc old-logo-credit-plus mr-cp plus-orangesocial-linkedinsocial-youtube