Verification of Deposits and Assets
The lender can use any of the following types of documentation to verify that a borrower has sufficient funds for closing, down payment, and/or financial reserves:
- Request for Verification of Deposit (Form 1006 or Form 1006(S))*. The information must be requested directly from the depository institution, and the complete, signed, and dated document must be sent directly from the depository institution.
- 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).
- Direct verification by a third-party asset verification vendor. These verifications are acceptable as long as:
- the borrower provided proper authorizations for the lender to use the verification method,
- the verified information provided must conform with the information that would be provided on Form 1006, Form 1006(S), or on bank statements,
- the date of the completed verification is in compliance with B1-1-03, Allowable Age of Credit Documents and Federal Income Tax Returns,
- the lender has determined that the vendor maintains reasonable practices that ensure reliable and authorized verifications
of deposit and asset information (See Fannie Mae's Website in the Path to Approval Toolkit, for additional information.), and - the lender understands it will be held accountable for the integrity of the information obtained from this source.
- Copies of retirement account statements. They must be the most recent statements, and they must identify the borrower’s vested amount and the terms. (See B3-4.3-03, Retirement Accounts, for additional information.)
For complete details, see B3-4.2-01, Verification of Deposits and Assets.
*For a complete list of forms used in fulfilling requirements contained in the Selling and Servicing Guides, see the Guide Forms page.