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Hi everyone, quick question about VOD's:
- How much information does it show in terms of months? Last 2 months? Last 3 months?
- What information does it exactly show? Pure deposits? Or every credit to the account?
Thanks everyone!!!!
VOD will show every credit to the account.
It will show back as far as the UW requests...typically 2-3 months.
If they are trying to source down payment money they may need to see more but not usually.
Not all UW will accept VOD's as proof. Some require full bank statements
Well they have 3 months worth of statements. But at the last minute, the UW said she's asking the bank for a VOD.......Now, this company later on sells the loan to another bank, so I dont know if she's doing this just to make sure she will be able to sell it later.....
Here is the industry standard Verification of Deposit (VOD) form. As you can see, for deposit accounts it lists the name, account number, when the account was opened, the current balance, and average balance.
http://forms.sc.egov.usda.gov/efcommon/eFileServices/eForms/RD1944-62.PDF
Hey Shane, does it make a difference if your loan is FHA vs USDA or do they all use the same form?
@ShanetheMortgageMan wrote:Here is the industry standard Verification of Deposit (VOD) form. As you can see, for deposit accounts it lists the name, account number, when the account was opened, the current balance, and average balance.
http://forms.sc.egov.usda.gov/efcommon/eFileServices/eForms/RD1944-62.PDF