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Underwriting Value
Unsecured loan Verification of deposit (VOD)
VA loan

Underwriting
A lender’s process to evaluate whether or not to give a borrower a loan

When lenders underwrite a loan, they look at your income, debt, credit history and assets to see if you qualify for the amount requested.

See: Preapproval, Prequalification, Back end ratio

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Unsecured loan
A debt that lacks collateral as protection

Unsecured loans do not require you to sign an agreement pledging collateral to secure the loan.

Compare: Mortgage, Deed of trust

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VA loan
A housing loan insured by the Veteran’s Administration allowing a veteran to buy a home with little or no down payment

The loan amount cannot be more than the VA's appraisal. If it is, the difference must be paid in cash. Closing costs, including a one-time funding fee for about 2% of the loan amount, will still need to be paid. Usually, to be eligible for VA loan, you must have served at least 181 days of active duty or at least 6 years in the National Guard. If you need information, contact your regional VA office or call 1-800-827-1000.

Compare: FHA mortgage

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Value
Monetary or material worth of something

See: Fair market value, Appraisal/Appraiser

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Verification of deposit (VOD)
A document from a bank validating the balance of a person's checking and/or savings accounts

Lenders may request a VOD to prove that you actually have the money indicated on your loan application.

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