Credit Plus, a Maryland-based mortgage information provider, is now offering instant, electronic Verifications of Deposits and Assets (VODAs) through AccountChek.
Now approved by both Fannie Mae and Freddie Mac, electronic verifications have taken off as a fast, secure avenue for mortgage verifications—an avenue that Credit Plus is now ready to take advantage of.
"By partnering with AccountChek, we're able to provide lenders with deposits and assets verification right away," said Greg Holmes, national director of sales and marketing for Credit Plus. "Not only does it save time, but because data is provided directly from financial institutions, the risk of fraud is virtually eliminated."
Through the easy-to-access system (available through smartphones, tablets and computers), lenders are now able to quickly get the reports they need to check account documentation, Credit Plus said. They're also able to re-pull reports for up to 90 days, ensuring they have accurate data and are compliant with recently introduced mortgage regulations.
"Say goodbye to the paper chase," Holmes said. "Lenders will no longer need to manually gather print copies of an applicant's bank statements."