What data is included in the LenderLogix VOA Report?
The Verification of Assets (VOA) integration between LenderLogix and Truv provides a comprehensive report of the borrower's financial accounts and activity.
Key Information Included in the VOA Report
The asset report is designed to give lenders a complete view of the borrower's assets and includes the following details:
- Account Balances: Current and historical balances for all connected accounts.
- Account Type: Identification of the account (e.g., checking, savings, investment).
- Deposit Details: Specific information regarding incoming funds.
- Asset Summary: A high-level overview of the borrower's total verified assets.
- Transaction Records: Configurable transaction history that can extend up to 24 months of financial activity.
- Transaction Flagging: Identification and flagging of unusual or significant transactions (e.g., large deposits or withdrawals).
Data Connection and Security
- Truv connects to 13,000+ financial institutions.
- Over 75% of connections utilize OAuth (Open Authorization) for secure, token-based authorization, meaning the borrower shares access to their data without providing their actual login credentials.