Team Relocations Joins SIRVA

  1. SIRVA
  2. Company
  3. Team Relocations Joins SIRVA
  4. How Often Is A Credit Report Pulled During The Mortgage Approval Process?

Team Relocations Is Now SIRVA Worldwide Relocation & Moving!

SIRVA as a global leader in moving and relocation services offers unmatched global breadth and innovative technology, complementing Team Relocations' longstanding reputation for high quality moving and relocation solutions to some of the world's leading multinational organizations.

Our resources combine the unique talents and expertise of leaders across a broad scope of mobility-related services. This synthesis is a key part of our commitment to provide our clients and their employees with the best moving and relocation experience possible.

By combining Team Relocations with SIRVA, we offer 75 office locations worldwide with over 2,900 employees operating in 180+ countries. Customers benefit from our:

  • End to End Service Delivery Model from departure to destination. We will help you with everything including visa and immigration, employee counseling and VIP services. Our relocation specialists are here to help. 
  • Client Advisory Services. We will work with you, according to your specific needs, to achieve more efficient and high-quality relocations. SIRVA offers a multitude of client financial services, from lump sum to expense management, which are designed to help ease the financial burden of relocating your employees. We can assist in compensation and payroll administrations, vendor management, intern management programs, group move management, and management reporting. 
  • Home and Mortgage Services. From home finding to tenancy management, we can help ease the process of moving and help relocating employees have one less thing to worry about.
  • Moving Services. We can help you and your employees get to where they need to be. Whether moving to a new house, a new office or trying to relocate a pet, we have the resources to help make the process go as smoothly as possible for your employees. 
  • Technology Solutions. Our innovative and flexible technology solutions have been developed you and your employees in mind: easy-to-use, intuitive and helps to save time and resources, whilst enhancing reporting capabilities. We continue to invest in order to improve the relocation process for both mobility teams and relocating employees. 

 

Related Resources

Have Questions?

We are always happy to answer any questions you might have!

Contact Us!

Resources

View more

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.