Real Estate Glossary

What is Verification of Deposit?

Verification of deposit (VOD) is a process used by lenders to verify the amount of money that a borrower has in their savings or checking account. This is typically done by the lender requesting a statement or letter from the borrower's bank, which shows the current balance in the account. The lender uses this information to determine the borrower's ability to make a down payment or to cover closing costs.

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