BankVOD | A Billing Solutions, Inc. Product.

Bank VOD allows you to perform the following verifications:

Verification of Deposit

For Mortgage Brokers / Processors to obtain account balances as part of the loan qualification process.

Re-Verification/Quality Audit
For Mortgage Auditors and Quality Control Firms to validate accuracy of information and detect fraud.

Business Inquiry

For Vendors/Creditors as a means to validate banking information in support of a current transaction or extension of credit.

Verification of Mortgage

A Verification of Mortgage is documentation of a borrower's mortgage payment history that is often required when applying for a loan.

Response Includes:
Current balance, 2 month average balance and date opened for checking and current balance and date opened for savings accounts.

Response Includes:
Accuracy of Verification of Deposit Form or Bank Statements as of the date it was originally processed.

Response Includes:
Date opened, account type and average balances. If no account numbers are provided, tax ID # must be provided in order to identify customer & produce a response.

Response Includes:
Type of request
Date form is completed
Last four digits of account Number
Clients name
Date mortgage originated
Original mortgage amount
Current mortgage amount
Monthly payment P & I only
Payment with taxes & ins.
Interest rate
Loan Type
Next pay date
Is mortgage current
Number of late payments
Satisfactory account

Loan Payoff
Obtain a current Payoff Figure for a loan account.

Verification of Employment
Requests for Verification Employment and Wage information on both current and prior employees.

"Bankers are going to have to Increase quality control measures to combat fraud. A VOD can be easily verified as you can contact the bank directly; verify that the person who completed the VOD does work there and that the dollar figures provided on the VOD were correct, on the date the VOD was completed".

Response Includes:
Payoff Figure as of date/time of inquiry.

Response Includes:
Average three years wage history, dates of employment, status, and job title(s).