What is a Verification of Mortgage?

A:

A verification of mortgage (VOM) is a document used to obtain information on an existing mortgage. It is given to the creditor (current lender) who typically completes the document with the following information about the mortgage:

  • Interest Rate
  • Date Mortgage Originated
  • Original Mortgage Amount
  • Current Mortgage Balance
  • Monthly Payment (principal & interest)
  • Monthly Payment including taxes and insurance
  • Is the Mortgage Current?
  • Is the Mortgage Assumable?
  • Satisfactory Account?
  • Type of Mortgage (Fixed or ARM)?
  • FHA, VA, Fannie Mae, Conventional?
  • Next Payment Date?
  • Number of Late Payments
  • Insurance Agent information

A verification of mortgage is often required when an existing mortgage does not appear on a credit report or the information that is reported is old. A lender uses it as a way ensure that an existing mortgage has been paid in a timely manner. Additionally, it may be used to verify the current balance and/or monthly payment on a mortgage.