Encyclopedia Britannica 2011 Ultimate. 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 ( or ). 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). 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.
17 CFR 210.2-01 - Qualifications of accountants. ECFR; Authorities (U.S. Section 210.2-01 is designed to ensure that auditors are qualified and independent of.
• Direct verification by a third-party asset verification vendor.