Mortgage Glossary
Verification of Deposit
Defined by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
A verification of deposit is a form a lender sends to your bank to confirm account balances and history during mortgage underwriting.
What Verification of Deposit means
Lenders use a VOD to verify you hold the funds claimed for down payment and reserves and that the money is seasoned rather than a recent unexplained deposit. Many lenders now pull this electronically instead of mailing forms.
Florida example
An underwriter ordered a verification of deposit on a Boca Raton buyer's savings account to confirm the $45,000 down payment had been on deposit for several months, clearing a sourcing question.
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