FAQ: Verification of Accounts

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What is Verification of Accounts?
Veri-Tax’s Verification of Accounts (VOA) electronically pulls consumer account data directly from thousands of financial institutions and monitors the accounts for 30, 60, or 90 days. With the consumer’s authorization, VOA’s secure web-based platform accesses their online asset and liability accounts, and helps a verifier evaluate a consumer’s ability-to-pay.

How does Veri-Tax’s online verification of accounts work?
You are able to request a consumer’s verification of account(s) by creating an order on Veri-Tax’s web portal or web service using their name, SSN, and email address. Once the order is created, the consumer receives an email with instructions to log into Veri-Tax secure VOA portal, register their financial accounts, and enter their unique online banking credentials, which grants Veri-Tax access to pull their digital bank statements and account information. You are immediately notified when the real-time reports are ready to view through Veri-Tax’s web portal or web service.

How many accounts can I verify per consumer?
You can verify as many accounts that the consumer registers and authorizes Veri-Tax to access. Other account verification providers charge per account verified, but Veri-Tax remains focused on keeping the cost per loan as low as possible for our customers and only charges for one flat fee per consumer.

Am I still charged if the consumer does not register any accounts?
No. A consumer must successfully give authorization to at least one financial account before you are charged for a VOA. If a consumer has questions or does not feel comfortable giving their online banking credentials, they will be instructed to contact Veri-Tax directly.

What if the consumer does not have online banking credentials?
The consumer is required to have online banking credentials for all the accounts they register.  If they do not have online banking access, we recommend the consumer to sign up for access so their lender can take advantage of the automated VOA process.

How many financial institutions can I access with Veri-Tax’s VOA?
Veri-Tax’s VOA currently has access to over 14,000 financial institutions, and is expanding access to additional institutions. If a consumer’s bank is not currently available on our portal’s network, they can contact us directly, and we will begin the process of requesting authorization from the institution.

How long does it take to get the VOA report?
The reports are generated in real-time. Once the consumer successfully gives Veri-Tax authorization to their accounts, Veri-Tax gathers the data in less than five minutes and generates the VOA reports. You are immediately notified when the reports are available to download, eliminating the typical time to perform the verification manually.

What does the VOA report contain?
Veri-Tax delivers three separate reports for each consumer:

  • Account Summary Report: Gives a combined overview of the consumer’s financial standing based on all of the accounts authorized by the consumer. Financial institutions are listed with average balances, total deposits and withdrawals, and any flags associated with the account.
  • Account Detail Report: Equivalent to a digital bank statement, reporting all consumer transactions, direct deposits and interest paid up to 90 days.
  • Verification of Deposit: Reports deposit account balances and details any outstanding loans recognized by the system for each financial institution. It is approved by Fannie Mae as a valid alternative to paper bank statements, fulfilling Fannie Mae 1006 VOD and Proof of Loan requirements.

How do I get started?
Contact a member of our Customer Happiness Team at (800) 969-5100 or customerhappiness@veri-tax.com to learn more.