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Credit Plus, Inc. Introduces Electronic Verifications of Deposits and Assets

January 15, 2015

Secure method meets Fannie Mae and Freddie Mac requirements

Salisbury, Md., January 15, 2015 – Credit Plus, a provider of intelligent insight for mortgage professionals, announced today it will be offering instant, electronic Verifications of Deposits and Assets (VODAs) through AccountChekTM, the mortgage industry's leading provider of automated deposit and asset verifications.

This fast, secure system is changing the traditional mortgage verification process. “Say goodbye to the paper chase,” said Greg Holmes, National Director of Sales and Marketing for Credit Plus. “Lenders will no longer need to manually gather print copies of an applicant’s bank statements.”

Electronic verification of deposits and assets has been approved by both Fannie Mae and Freddie Mac. Each organization recently revised its guidelines to allow acceptance of electronic, third-party VODAs.

“By partnering with AccountChek, we’re able to provide lenders with deposits and assets verification right away,” Holmes said. “Not only does it save time, but because data is provided directly from financial institutions, the risk of fraud is virtually eliminated.”

The system is simple and can be accessed by smartphones, tablets, or computers. Lenders quickly receive a report that contains the necessary account documentation.

Lenders have the ability to re-pull reports for up to 90 days. “Electronic VODAs help instill confidence that lenders are meeting the Ability-to-Repay Rules and have accurate data for underwriting decisions,” added Holmes.

Credit Plus also offers the option to traditionally verify deposits and assets using bank statements and Fannie Mae form 1006.

For more information about electronic VODAs from Credit Plus, visit https://www.creditplus.com/VODA, call (800) 258-3488 or e-mail info@creditplus.com.

About Credit Plus, Inc.

Credit Plus, Inc. provides intelligent insight to mortgage professionals so they can make smart lending decisions. Headquartered in Salisbury, Md., the company is a third-party verifications specialist offering more than 160 products and services for mortgage professionals, including credit reports, scoring tools, Deposit and Asset Verifications, Employment Verifications, Tax Return Verifications, Verifications of Deposits and Assets, fraud prevention tools, Undisclosed Debt Verifications, flood reports, appraisals, and more. Its expertise in the mortgage industry enables it to quickly assess current and future needs, and provide new solutions for a rapidly changing environment. Credit Plus moves mortgage professionals forward.

For more information, please call Credit Plus at (800) 258-3488, e-mail info@creditplus.com or visit the company’s website at www.creditplus.com

 

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