Verification of Deposit & Assets

Our clients have come to depend on Advanced Data’s Verification of Deposit to provide automated verification of deposits, liabilities, and assets collected from banks, such as Bank of America, Chase, SunTrust, Capital One, and thousands of others. The results are dramatic: Lenders can verify account balances quickly and hassle-free. When VODs are mailed to the borrower they take a few weeks to complete.

Once a borrower provides authorization through a consumer-direct portal, the lender uses a secure online platform to access accounts-and assess a borrower’s “ability to pay” the mortgage for which they applied. The “ability to pay” is a key component of Consumer Financial Protection Bureau regulations, and our VODs help ensures lenders are compliant with that regulation and many others as well. Because VODs identify borrowers that don’t qualify within a couple of days, lenders invest fewer resources in borrowers that want to be approved-and can focus on qualified borrowers.

Advanced Data’s integration with Ellie Mae’s Encompass makes placing orders for VODs easy, fast and efficient, and lenders that use other loan origination systems can place orders through email.

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