Verification of Assets Red Flags

 

 

> Even dollar amounts.

 

> Significant change in balance over prior two (2) months.

 

> Evidence of whiteout or strikeovers or squeezed in numbers.

 

> Recently opened account. (If so, get verification of prior account.)

 

> Illegible signatures with no further identification.

 

> Excessive balance in checking accounts vs. savings accounts.

 

> Depository's signature date is the same as the originator's signature date.

 

> Insufficient cash to close.

 

> Deposits are not consistent with reported income.

 

> Assets are not consistent with level of income.

 

>"Insufficient funds" fees are reported.

 

> Account is not in borrower's name or has other names associated with the account.

 

> Withdrawals are not consistent with debt disclosed

 

> Closing check is drawn on a different bank.

 

> Loan secured by checking or savings account.

 

> Source of funds consists on unverified note, equity exchange, or sale of residence.

 

> Average two-month balance of an account is exactly equal to present balance.

 

> Original VOD is not creased (folded) indicating that it may not have been mailed.

 

> Account was opened or date of verification is a Sunday or a holiday. (Use perpetual calendar to verify.)

 

> There is no date stamp affixed to he document by the depository.

 

> Gift donor is not related or typical source.

 

> Deposit check dates are not consistent.