Perhaps more importantly, our research suggests that a fraudulent application document leads to a loan write off rate of 60% on average. Our data shows that 10% of all financial application documents submitted in an online channel have been manipulated. These documents are made-to-order, meaning they can contain the exact balance amounts and transaction history that the borrower believes they need to pass a credit check from a mortgage company or lender, housing authority, government agency or other party.
But what happens if the documents submitted as part of an application are fraudulent?Ī quick Google search reveals countless shadowy service providers who can produce fake bank statements. To make a sound decision, loan underwriters typically request 3-6 months of bank statements, as well as pay stubs, utility bills, tax forms, and other financial documents, to assess the applicant’s creditworthiness and determine their level of associated risk. Download your adjusted document, export it to the cloud, print it from the editor, or share it with others through a Shareable link or as an email attachment.Determining a loan applicant’s creditworthiness is based, in large part, on their financial history.ĭo they have sufficient income to repay the loan? Do they have existing funds to cover payments in the event of an emergency event? Does their financial history contain red flags, such as bounced checks, missed payments, unexplained deposits or undocumented, recurring transactions to a private lender? All these questions and more will determine if an applicant should receive a loan and, if so, the amount and the terms. Quickly add and highlight text, insert images, checkmarks, and icons, drop new fillable areas, and rearrange or remove pages from your paperwork.
Drag and drop the file from your device or import it from other services, like Google Drive, OneDrive, Dropbox, or an external link. Log in with your email and password or register a free account to test the product prior to upgrading the subscription. Bank Statement Generator online quickly and easily: Adhere to the instructions below to complete Bank Statement Generator. Working on paperwork with our feature-rich and intuitive PDF editor is easy.
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