Verification of Deposit (VOD)
Verification of Deposit is a form or electronic process used by a lender to confirm the borrower's account balances, average balances, and account history directly with the financial institution holding the funds.
A VOD provides the lender with an independent, third-party confirmation that the funds shown on your application actually exist. It may be completed through a written form sent to your bank or through an automated electronic verification system.
A VOD is one piece of the asset verification process. It specifically focuses on deposit accounts — checking, savings, and money market — rather than investment or retirement accounts, which may require separate documentation.
Why This Matters: The VOD confirms that the money you are using for your cash to close is real and available. Providing timely access to your account information helps your lender verify funds quickly and keeps underwriting on track. For a walkthrough of the full process, see our guide on how to get pre-approved for a mortgage.
Common question
What is a Verification of Deposit?
A VOD is a confirmation from your bank that verifies your account balances and history. Lenders use it to confirm the funds you are using for the transaction are available and properly documented.
Do I need to do anything for a VOD?
In many cases, your lender handles it electronically. If a written form is needed, your bank will complete it. You may need to authorize the lender to request the information from your financial institution.
Related Topics
Related Mortgage Terms
Have questions about verifying your bank deposits? We can explain what lenders look for and how to prepare.
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