Digital Asset Verification
The OneTrust Home Loans Family of Companies use a digital asset verification tool to make the verification process as simple and secure as possible for our borrowers. You’ll save time and stress when, with the click of a button, you can eliminate the need to dig through files of financial records or scour the internet for your bank statements. Instead, our digital portal will collect the information we need to verify your assets directly from your financial institution, reducing the time to close by up to 20 days. It’s simple, fast, accurate, and, most importantly, secure.
If you have other questions about how digital asset verification works, feel free to reach out directly to your Loan Officer or their team.
Security – The Safest and Most Secure Method to Share your Financial Records
Ensuring that your financial records are secure is our top priority and our security procedures meet the high standards set by banks and lenders, making it safer than sending your records via email, fax, or mail.
Ease of Use and Convenience
Traditionally, verifying assets requires a lot of the work on the part of the borrower to provide financial documents that can be difficult to obtain and understand. Oftentimes, back-and-forth communication between the lender and the borrower results in delays in the loan process. With digital asset verification, we are able to request records from your financial institutions with minimal effort from you, simply enter your logins and select the accounts you would like us to verify.
Frequently Asked Questions
Q: How secure is the digital asset verification service?
A: Security and accuracy are our top priorities. Our security procedures meet the high standards of security used by banks and other ultra-secure institutions, and our security systems undergo rigorous audits and certifications from the nation’s largest investors and lenders. Submitting your information through our digital asset verification tool is significantly more secure than emailing, faxing or mailing copies of your bank statements.
Q: Who can see my login credentials?
A: No one! Most of your account data, including your login credentials, is never accessible or visible to anyone – not even your lender. Protecting your privacy and the security of your accounts is our top priority.
Q: Why does my lender need my bank statements in the first place?
A: To process your application and assess your ability to afford the payments required by your loan, your lender needs to verify what asset accounts you own and confirm their account balances. In addition, laws, regulations and underwriting guidelines require lenders to evaluate things like monthly cash flow, size and frequency of deposits and whether you have bounced any checks.
Our digital asset verification tool will quickly, automatically, and accurately analyze your account data and securely transmit the results in a digital report to the lender. This lets lenders make better and faster decisions, which can make credit cheaper and more available for consumers.
Q: What exactly does my lender see?
A: Your lender sees a PDF report that contains up to 12 months of account balances and transaction history for the accounts you choose to enroll along with a summary of these accounts.
Q: How many accounts do I have to share with my lender?
A: That’s up to you and your lender. At a minimum, your lender will ask you to share data from your primary checking account. If that account does not have enough funds or recent activity to qualify for the loan or other credit you requested, your lender may ask you to enroll additional accounts.
Q: What if I don’t see my bank listed once I log in?
A: Type the name of your bank into the search field and choose from the list of possible matches to complete the enrollment process. If your bank does not appear in the search results, it may not be supported by our digital asset verification tool. In that case, contact your lender for instructions on how to proceed.
Q: What if I select the wrong bank from the list provided?
A: If you selected the wrong bank from the list of possible matches and tried to enter your credentials anyway, you will see an error message.
Q: Why aren’t my banking credentials working?
A: There are a few possibilities. First, you may not have selected the correct bank or bank account. Second, it’s possible that you made a mistake while entering your credentials, or that you are not using the right ones. Try to enter your account through your bank’s website. If you can log in on the bank’s website but not through our online verification system, then this account product may not be supported by our digital asset verification tool. You can enroll a different bank or contact your lender for further instructions.
Q: What if I don’t have online banking?
A: Most banks offer an easy online banking enrollment process that only takes a few minutes to complete, so you may be able to visit your bank’s website and enroll in their online banking service. Once you’re enrolled, return to the portal and continue where you left off.
Q: What do I do if I was logged out before completing my bank enrollments?
A: If you were logged out or if your browser crashed before you finished, you can re-enter the digital asset verification portal using the link in the original email you got from your lender. If that doesn’t work, contact your lender to request a new link.
If you have any additional questions about how the OneTrust Home Loans Family of Companies uses digital asset verification, please reach out to your Loan Officer or their team directly.