Comments on Validation of Funds Text
If the POF is sanitized, it can only serve as an introduction for format and text.
It would have to be followed by a Client Information which would have the information deleted from the POF text.
* Include reference to both POF (for cash and credit line) and SKR (for financial instruments) texts
* Initial POF or SKR verification is not done by the bank (see attachment). If banker does it and it is deficient or fraudulent all parties are reported and blacklisted. That is why a non-banker does the verification first. Once the application passes preliminary due diligence it is sent to the Program officials, who then deal on a bank-to bank and principal-to-principal basis.
Validation of funds
Providing evidence of Proof of Funds
Validation of funds. This is similar to showing and verifying assets for a business or commercial venture in order to qualify for a loan. Borrowers submit their financial statements showing their ability to service the loan….similar process
PROOF OF FUNDS- Proof-Of-Funds (POF) can be a Sanitized recent Bank Statement or Tear Sheet
Proof-Of-Funds (POF) can be a Sanitized recent Bank Statement or Tear Sheet. (TO START WITH AS THIS IS ONLY AN INTRODUCTION)
It should not be that hard to send this as if anyone has ever wrote a check, by the time that check reaches its final destination it has gone through about 6 to 12 stops before it reaches its final destination. That check has all the important banking coordinates and account information on it. If someone has illegal intentions they could use this check. There is nothing anyone can do with a Sanitized Bank Statement or Teat Sheet. We are not asking for account information i.e. Sanitized (White-out or Black-out account numbers)
BANK TO BANK POF VERIFICATION
If CLIENT can provide a Real Bank Confirmation/Capability letter with bank officer’s name and account verification, we can do a bank to bank POF.
After receiving your completed file we can begin the closing process.