Smart. Helpful. Human. Responsible.

  1. SIRVA
  2. Company
  3. Smart. Helpful. Human. Responsible.
  4. How Often Is A Credit Report Pulled During The Mortgage Approval Process?
Move Talent. Deliver Experience.

As the world continues to evolve, organizations are exploring new ways of working to meet today’s growing business demands. This isn't easy to do when each business has its own agenda and objectives. That’s where Sirva comes in. We aim to help mobility leaders and talent managers navigate the complexity of relocation to meet and exceed company goals.

We have every resource to ensure your relocating employees are well taken care of as they prepare to embark on their relocation journey. With every interaction, we look to communicate in a way that is: Smart, Helpful, Human, and Responsible. These four pillars are indicative of the way we conduct ourselves and business in general.

What does this mean in practice and how do we use these pillars to help you?

 

Let's Chat

OUR OUTLOOK

SMART

  • We use cutting-edge technology to collect, sort, and report data in ways that are most meaningful to you.
  • We work with our worldwide network of vetted service partners to share important information and critical updates in a timely fashion to support your mobile employee wherever they may be.
  • We’re constantly in a state of improvement and innovation to make sure you have the best tools available to support your mobility program.
Smart
Helpful

HELPFUL

  • We take a proactive approach to problem-solving by anticipating needs and requirements based on decades of experience.
  • We understand that every client is different and each customer is an individual and we’ll always ask about their specific mobility needs and requirements.
  • We think outside the box and offer creative solutions and well-researched recommendations to you and your mobile employees.

HUMAN

  • We’re committed to cultivating a workplace and ecosystem that reflects the global organizations we serve.
  • We believe the best results are realized when empathy, kindness, and integrity serve as the basis for every interaction.
  • We’re a people-first company who prides ourselves on providing personal, high-touch support to you and your employees.
Human
Responsible

RESPONSIBLE

  • We see ourselves as positive change agents for our clients and their mobile employees in every pocket of the world where you live and work.
  • We embody an engaged company culture, resulting in empowered employees that reflect a wide range of approaches and perspectives, leading to new ideas, innovation, and excellence.
  • We seek sustainable solutions that lower carbon footprints, increase productivity, and reduce costs for our company, our customers, and the planet 

SMART. HELPFUL. HUMAN. RESPONSIBLE.

We’re here for you. Our dedication to global mobility and talent management is underpinned by a collective desire to deliver an exceptional move experience, from start to finish. We’re passionate about what we do, and deliberate about how we do it.

Smart. Helpful. Human. Responsible.

CONTACT US

How Often Is A Credit Report Pulled During The Mortgage Approval Process?

  • by Chris Woodard
  • Wednesday, February 12, 2025 12:25:00 PM

There’s a common myth that a credit report is pulled multiple times during the mortgage process. In reality, it’s typically requested only once, depending on the timing of the borrower’s transaction.

Initial Credit Report Pull

A credit report is pulled at the start of the mortgage application process. This report is obtained from a credit bureau, which gathers data from the three major repositories: Equifax, TransUnion, and Experian. Each of these companies uses the FICO (Fair Isaac Corporation) scoring system. A credit report remains valid for 120 days, so as long as the home purchase and closing occur within this timeframe, only one credit report is needed.

However, lenders must comply with regulations requiring them to confirm that a borrower’s financial situation hasn’t worsened. This obligation extends up to the closing date of the transaction.

Reasons for Additional Credit Reports

In certain circumstances, a new credit report might be requested during the process:

  • Improved credit profile: If a borrower has made significant positive changes to their credit, they might request a new report in hopes of qualifying for better terms.
  • Changes to loan participants: Adding or removing a borrower from the loan may necessitate a new credit report.

 

Credit Monitoring vs. Credit Pulls

Lenders also monitor credit activity to ensure there are no changes that could affect the borrower’s ability to repay. This monitoring is distinct from pulling a new credit report and includes:

  • Continuous monitoring: Automated systems notify lenders of changes, such as new debt, increased balances, or derogatory items.
  • Soft pulls: Typically done within seven days of closing, a soft pull verifies that the credit profile is still in good standing. Importantly, soft pulls do not affect credit scores or create new inquiries.

 

Tips for Borrowers

To avoid complications during the mortgage process:

  • Delay large purchases until after closing.
  • Minimize credit inquiries, as these may require explanation during underwriting.
  • For relocation scenarios, where temporary housing may require a credit check, borrowers should ensure that any inquiries are documented and communicated with their lender.

 

We understand the important role home financing plays in the relocation process. Whatever the financing needs of your transferees may be, Sirva Mortgage can help. Please visit our mortgage website to learn more or contact us at MortgageClientServices@sirva.com.

Sirva Mortgage is an equal opportunity lender engaged in the business of originating residential mortgage loans. We are licensed or authorized to conduct mortgage loan origination in all 50 states plus the District of Columbia.  Sirva Mortgage is not a depository institution and does not act or represent itself as a full-service bank.  Reference to the term “mortgage banker” is a common, accepted industry term referring to companies engaged only in the business of making mortgage loans. Various state laws and regulations and our license type(s) in various states refer to us as a mortgage lender, mortgage banker or mortgage broker. For our Privacy Policy and Affiliated business relationships disclosures please visit https://mortgage.sirva.com/about/about-sirva-mortgage. Please see the complete required license disclosure below. Call 800-531-3837 for more information.

Sirva Mortgage, Inc. NMLS ID #2240, for licensing information, go to: www.nmlsconsumeraccess.org. Main Office Address is 6200 Oak Tree Blvd., Ste. 300, Independence, OH  44131; Telephone: 1-800-531-3837. We are licensed by/as (among others): Arizona Licensed Mortgage Banker, License #0901430; Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act, License #4130944; Georgia Residential Mortgage Licensee #6221; Illinois Residential Mortgage Licensee #MB.0004037 - Illinois Department of Financial and Professional Regulation (IDFPR), Division of Banking, Mortgage Banking Section, 555 West Monroe Street, Suite 500, Chicago, IL, 60661, (312) 793-7090; Kansas Mortgage Company License #MC.0025314; Massachusetts Mortgage Lender License #ML2240; Nevada Licensed Mortgage Banker License #1043; Licensed by the N.J. Department of Banking and Insurance; Licensed Mortgage Banker – NYS Banking Department; Oregon Mortgage Lending License #ML-186; Rhode Island Licensed Lender; Texas Mortgage Banker Registration #2240; WA Consumer Loan Company License #CL-2240.

This is not an offer of credit. This is not an offer to enter into an interest rate lock-in agreement nor is this notice of loan approval. Mortgage approvals are rendered based on individual credit qualifications. 

 

home buying process blog
 credit and home buying
 Webinar - september

Supporting Relocating Employees With The Home Buying Process

The Role Of Credit In The Home Purchase And Mortgage Process

Webinar Replay: Real Estate Trends And Their Impact On The Relocation Industry
Read the Blog Read the Blog Watch the Webinar

 

SMART. HELPFUL. HUMAN. RESPONSIBLE.