Answers to your frequently asked questions
How does Direct Banking differ from Doc Processing?
Argyle Direct Connect Banking leverages direct data connections with consumers’ bank accounts to retrieve the most accurate and up-to-date consumer transaction data. With this data, it generates instant, GSE-authorized, direct-source VOAI and VOA reports. It’s the lowest friction approach to verification because no party has to track down and upload traditional verification documents.
In some cases, however, direct bank connections aren’t possible. When this occurs, Argyle offers Doc Processing, which leverages OCR technology to extract data from consumers’ uploaded documents.
What do verification of assets and income (VOAI) reports include?
The VOAI is an automated report using direct-source bank transaction data. The report includes all checking, savings, money market, and investment accounts that a borrower has permissioned.
Report highlights:
- Retrieves up to 24 months of transaction history, including income credit transactions
- Total asset summary includes current, 2 month average, and 6 month average
- Includes a historical view of income streams by account and includes confidence score
- Representation and warranty relief through both Freddie Mac and Fannie Mae
What do verification of assets (VOA) reports include?
The VOA is an automated report using direct-source bank transaction data. The report includes all bank accounts that a borrower has permissioned.
Report highlights:
- Retrieves up to 12 months of transaction history
- Total asset summary includes current, 2 month average, and 6 month average
- Includes investment accounts and rental payment history
- Representation and warranty relief through both Freddie Mac and Fannie Mae
