Verification of Deposit/Assets
Verification of Assets / Verification of Deposit (VOA/D)
UniversalCIS can deliver lenders an easy and secure analysis of a borrower’s asset information to determine their ability-to-repay by using direct-source data – eliminating the need for borrowers to collect, copy and submit paper statements.
Validate a consumer’s assets, deposits and account activity with statements delivered directly from the borrower’s financial institution (bank, checking, savings, or investment).
- Direct delivery eliminates prevents altered data fraud
- Real-time access to statements following borrower’s confirmation
- Secure bank-level compliance
- Third-party verification addresses GSE and secondary investor requirements
- Cost-efficient, with up to 10 accounts on a single request
- Saves time by eliminating manual processing & chasing paper statements
- Fulfillment includes complete account statement & FNMA form 100
- Monitor consumer accounts for 30-60-90 days
- UniversalCIS is an integrated Asset Verification (VOD/A) provider for FNMA’s Day 1 Certainty
- Traditional (manual) third-party verification of deposit/asset available upon request
How it Works:
Once you’ve made the Asset Verification request through UniversalCIS, the consumer immediately receives an AccountChek email, instructing them to:
First: Login & Authorize
Consumer selects link in email to login and agree to the terms & conditions.
Second: Connect, Verify, Submit
Connect & Verify: Consumer links their financial institutions & validates access to accounts, adding accounts, if needed.
Following consumer submission, you will receive email notification that the VOA/D report is ready for retrieval.
Completely replace the need to collect paper banking and brokerage statements! Direct source validation stops fraud, saves time and saves cost. An average of 5 hours is spent per loan on asset document collection. Review and verification of the same document occurs multiple times during underwriting, a process which is slow, costly, and riddled with fraud and mistakes.
In addition to account history, UniversalCIS Asset Verification also provides account monitoring options and is accepted by Fannie Mae, Freddie Mac and most investors nationwide. UniversalCIS Asset Verification (VOD) is approved for Fannie Mae’s Day 1 Certainty program.