Do Lenders Verify Bank Statements

What do lenders look for when assessing my bank statements? When lenders ask for your bank statements you can expect them to look for a variety of things. However, their one overriding objective is to assess whether you are the sort of person who manages money responsibly and is, therefore, likely to maintain regular mortgage payments.

Lenders will review your statements for two primary reasons. One of which is to review the deposits in the account to verify the source of the funds. If you get paid on the 1 st and 15 th of the month then your bank statements should reflect those amounts which should also match your pay check stubs. lenders also need to verify the source of all deposits.

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 · Your lender may ask you for two months of bank statements (because this is what was required until recently and most people do not keep up with guidelines) or may want to order a Verification of Deposit from your bank, but tell them to refer to HUD Handbook 400.1 4iii A3 (b) for the guideline or just tell them to look on Page 223 of the Handbook Here.

Verifications of Deposit, or VODs, are forms that lenders can use in lieu of bank statements. You sign an authorization allowing your banking institution to hand-complete the form, which indicates.

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How Do lenders verify bank statements? Different lenders will have their own processes for getting ahold of your documents and verifying them. Some lenders still work with physical, paper documents, while others may allow you to manage them electronically. Once you give them your bank statements, they may follow up with your bank to verify.

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