Lenders have always taken a “less is more” attitude to asset paperwork, which is understandable. However, obtaining, examining, and (often) re-requesting statements for all parties concerned can be tedious and time-consuming. Borrowers must supply lenders with all statement pages, including those purposely left blank by the financial institution, whether they scan physical bank statements or upload PDFs from online banking.
However, times have changed, and more and more lenders are opting for digital verification of assets (VOA), a process in which borrowers enable lenders to access to retrieve asset data directly from their financial institutions rather than submitting paper or PDF statements.
Digital VOA is a quick, easy, and cost-effective improvement to traditional asset verification. However, now that it’s commonplace, lenders should reconsider how much asset history they request during the VOA stage.
It’s crucial to remember that not all data aggregators are the same. Lenders should seek a VOA supplier who does not charge extra for longer asset history and inquire about refresh alternatives that will make long asset history even more powerful. Consider the plethora of possibilities that force lenders to reassess assets between loan qualification and completion.
Perhaps the original asset data has become outdated due to the closing delays. Perhaps the loan is for a building project that will take some time to finish. Or the lender may need to confirm the origin of a borrower’s earnest money deposit. Lenders will benefit from being able to refresh asset data without having to ask customers to repeat the VOA procedure in these circumstances. To read more about digital verification of assets for lenders, click here.
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