Lenders You check your bank statements with your bank to apply for a loan?

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And how long does it take? I know they check employment, rental history, and sometimes W-2, but I’m happy with the statements verwirrt.Und how long does it take? I know they check employment, rental history, and sometimes W-2, but I’m verwirrt.Edit account summaries: So they usually form in the statements made by fax or VOD? If you give these instructions, they are usually not enough?

  1. Reply
    May 18, 2011 at 12:49 am

    they can verify it with 2months of bank statements….or they can do what’s called a VOD verfication of deposit.

    they will fax it in to your bank or bank’s VOD hotline….then the bank will write down your average monthly balance for the last 2months…and if you had any large deposits in the last 2months

  2. Reply
    May 18, 2011 at 1:35 am

    Mortgage lenders may verify assets in two ways; with copies of the most recent two months consecutive account statements or with a form called a Verification of Deposit that they order from the depository.

    What they are looking for is a two month history with no unexplained large deposits, no NSF fees, and sufficient funds availability to close the transaction.

  3. Reply
    May 18, 2011 at 1:59 am

    They can. It depends on if the assets are needed for your approval if they will verify it or not. The process takes about a day for most banks to get the verification back.
    The statements aren’t enough if they do need to verify it, as they got them from you, not from the lender directly. Lots of mortgage brokers ask to see them so that they know what information will be on the verification. Your typical verification just faxes over a form for your bank to fill out, it doesn’t include the statements you provided. Keep in mind that if it doesn’t match the statements you provided then it could very well end up in your loan getting denied as you don’t have the assets required by a particular program.

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