For paperless, hassle-free and more secure protection against mortgage fraud. For the first time, lenders can verify all of a borrower’s assets in minutes while eliminating the potential for borrower fraud, reducing loan file errors, and expediting the closing of loans.

Mortgage bankers and originators need to both grow our economy and protect it.  They must ensure that new loans are sound in a world where increases in falsified bank and asset statements are annually fueling billions of dollars in mortgage fraud.

This has made stringent verification of consumer information an essential part of loan origination, but one which is increasingly time-consuming, paper intensive, and costly.

VODAchek from Covius takes the pain out of the process with a secure, web-based platform that instantly provides lenders with up to three months of borrower transaction details. Flexible reporting tools generate automated electronic bank statements from nearly any institution.

VODAChek Benefits

  • Secure, borrower-directed transmission of financial data from 15,000 financial institutions
  • Anytime, anywhere access
  • Satisfies Fannie Mae 1006 (Verification of Deposit) requirements, and is approved for its ‘Day 1 Certainty’ program
  • Fulfills Proof of Loan Quality Standards
  • Mitigates risk of fraud and inaccurate interpretation
  • Real-time and historical account analysis
  • Alerts you to unusual account activity
  • Detailed account transaction and cash flow analysis
  • Electronic applicant authorization
  • One fee per borrower – not per institution
  • One fee for flexible future updates (30 days, 60 days and 90 days)

VODAChek Features

  • Digital reports in multiple formats
  • Summary reports include average balances
  • Real-time and historical account analysis
  • Cash-flow calculations
  • Automatic borrower notifications
  • Report monitoring and account usage alerts
  • Automated fault tolerance

Advanced Technology

  • Flexible Reporting Tools
  • Sophisticated Artificial Intelligence Engine
  • SAS 70 Type II – Certified Data Center
  • Secure, Cloud-based Web Portal

Origination Verification Services Bundle

 VODAchek is one of four Covius verification products available through our proprietary Origination Verification Services Bundle. By combining it with Taxdoor®, InstantTax™, and Flood Hazard Compliance Services, you have one ordering platform, single-login access and the benefits of single vendor point-of-contact efficiencies throughout the contract process. This enhances compliance and risk management, provides centralized invoicing, and lowers overall service costs by an average of 25% per loan.

Covius’ four-product Origination Services Verification Bundle can be ordered through our proprietary UPFDirect platform, EllieMae® Encompass® and Calyx® Point®.

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