Skip to main content

Credit Plus Partners With AccountChek on Verifications of Deposits and Assets

NationalMortgageProfessional.com
Jan 15, 2015

Credit Plus has announced that it will be offering instant, electronic Verifications of Deposits and Assets (VODAs) through AccountChek, a provider of automated deposit and asset verifications. This fast and secure system is changing the traditional mortgage verification process.

“Say goodbye to the paper chase,” said Greg Holmes, national director of sales and marketing for Credit Plus. “Lenders will no longer need to manually gather print copies of an applicant’s bank statements.”

Electronic verification of deposits and assets has been approved by both Fannie Mae and Freddie Mac. Each organization recently revised its guidelines to allow acceptance of electronic, third-party VODAs.

“By partnering with AccountChek, we’re able to provide lenders with deposits and assets verification right away,” Holmes said. “Not only does it save time, but because data is provided directly from financial institutions, the risk of fraud is virtually eliminated.”

The system is simple and can be accessed by smartphones, tablets or computers. Lenders quickly receive a report that contains the necessary account documentation.

Lenders have the ability to re-pull reports for up to 90 days. “Electronic VODAs help instill confidence that lenders are meeting the Ability-to-Repay Rules and have accurate data for underwriting decisions,” said Holmes.

Published
Jan 15, 2015
400 Mortgage Loan Originators Caught Trying To Skip School

400 mortgage loan originators nationwide deceptively claimed to have completed their annual continuing education as required by state and federal law.

Industry News
Jan 19, 2022
Infamous Better.com CEO Is Back And Employees Are Upset

After a month-long hiatus or “break” as Garg likes to call it, the CEO is back at the helm of the company.

Industry News
Jan 19, 2022
Capacity Closes $38M In Series C Funding, Surpasses $62M In Total Capital Raised

AI-powered automation platform, Capacity, announced an additional $27 million in Series C funding, closing out the round at more than $38 million.

Tech
Jan 19, 2022
Millennials Are Still Powering The Housing Market

First American Financial Corporation's Potential Home Sales Model for Dec. 2021 revealed that millennial demand is propelling the housing market, thanks to low rates and increased geographic flexibility.

Analysis and Data
Jan 19, 2022
Open Mortgage Adds A Chief Revenue Officer

Scott Harkless will spearhead all wholesale and retail sales functions for the national multi-channel mortgage lender.

Industry News
Jan 19, 2022
Home Builder Confidence Dips Due To Inflation And Supply Chain Concerns

Home builder confidence in the market for newly built, single-family homes fell by one point to 83 in January 2022, according to the National Association of Home Builders and Wells Fargo's Housing Market Index report.

Construction
Jan 18, 2022