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Just how do Mortgage Brokers Check and Verify Bank Statements?

Just how do Mortgage Brokers Check and Verify Bank Statements?

Borrowers looking for home financing to acquire or refinance a true home should be authorized with a loan provider to get their loan. Banking institutions want to confirm the debtor's monetary information and will demand a verification or proof of deposit (POD/VOD) form to be completed and provided for the debtor's bank. An evidence of deposit may need the debtor to furnish at the very least 8 weeks of bank statements into the mortgage company.

Key Takeaways

  • Home loan loan providers need economic information from possible borrowers when coming up with their choice whether or not to expand credit.
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