Copies of bank statements or investment portfolio statements. The statements must cover the most recent full two month period of account activity (60 days, or, if account information is reported on a quarterly basis, the most recent quarter). The statements must:
- clearly identify the borrower as the account holder,
- include at least the last four digits of the account number,
- include the time period covered by the statement,
- include all deposits and withdrawal transactions (for depository accounts),
- include all purchase and sale transactions (for financial portfolio accounts), and
- include the ending account balance.
If the lender is the holder of the borrower's account, the lender may produce a printout or other alternative verification of the asset(s) directly from its system. The printout or alternative verification is acceptable as long as all required data (above) is supplied and documented.
If the latest bank statement is more than 45 days earlier than the date of the loan application, the lender should ask the borrower to provide a more recent, supplemental, bank-generated form that shows at least the last four digits of the account number, balance, and date. The statements may be computer-generated forms, including online account or portfolio statements downloaded by the borrower from the Internet.
Documents that are faxed to the lender or downloaded from the Internet must clearly identify the name of the depository or investment institution and the source of information—for example, by including that information in the Internet or fax banner at the top of the document.
If necessary, the lender must supplement these verifications by obtaining any missing information from the borrower or the depository institution.
For complete details, see B3-4.2-01, Verification of Deposits and Assets.