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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.