topic Re: What is a VOD? in Mortgage Loans

What is a VOD?

Anonymous — Mon, 20 Jan 2014 19:27:47 GMT

My lender is going to request for a vod for both my husbands Account and my accounT instead of bank statements. What is a vod and what does it show? Why wouldn't they just use bank statements?

Re: What is a VOD?

ShanetheMortgageMan — Mon, 20 Jan 2014 19:31:08 GMT

It's a form your bank completes that lists when a bank account opened, who is on it, the account #, the current balance, and the average balance over the past 2 months. Very rarely used, as bank statements usually do the trick. You'd have to ask your loan officer why they are getting a VOD (Verification of Deposit) instead of bank statements. One reason we used to get VOD's in the past is if there were a lot of deposits on the bank statement that couldn't be verified, then the VOD could be used instead.

Re: What is a VOD?

Anonymous — Mon, 20 Jan 2014 19:38:08 GMT

My husband and I have seperated accounts and mine has one overdraft. Maybe this is the reason. Is there any way we can just use my husbands account beings his is the account with the assets?

Re: What is a VOD?

ShanetheMortgageMan — Mon, 20 Jan 2014 19:46:42 GMT

Yes, if there was an overdraft that may have been the reason they are getting the VOD. If none of the funds you are using to qualify are from your account then your husband's bank accounts should be fine to use. However if you ever transfer money to his account or need to use any of the funds in your own account to qualify then your account will be needed.

Re: What is a VOD?

Anonymous — Mon, 20 Jan 2014 20:36:30 GMT

Use the funds in my account to qualify? My paychecks are deposited into my account if that's what you mean?

Re: What is a VOD?

ShanetheMortgageMan — Mon, 20 Jan 2014 20:37:40 GMT

I mean if you are using any of your bank account funds for the down payment or reserves (if your loan approval requires any).

Re: What is a VOD?

Anonymous — Mon, 20 Jan 2014 20:43:27 GMT

No, the money that we are using for our closing costs is coming out of my husbands account. So in that case...there wouldn't be a need for mine? I will have to talk with my lender tomorrow about this. He did a pre-approval over the phone, we haven't formally met yet.

Re: What is a VOD?

ShanetheMortgageMan — Mon, 20 Jan 2014 20:46:26 GMT

It sounds like there wouldn't be, but since I am not your loan officer and haven't reviewed all of your documentation it's tough to say exactly. This is definitely a question for your loan officer or their processor.

Re: What is a VOD?

Anonymous — Mon, 20 Jan 2014 20:47:20 GMT

Thank you for replying

Re: What is a VOD?

ShanetheMortgageMan — Mon, 20 Jan 2014 21:14:27 GMT

De nada.