Last Updated on 09/27/2017 by GS Staff
[otw_shortcode_dropcap label=”A: ” size=”large” border_color_class=”otw-no-border-color”][/otw_shortcode_dropcap] 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.
