In Mortgage Verification, the customer’s mortgage payment history is duly documented. During the time of loan application, Mortgage Verification Services are often rendered by the Verification Companies, to verify the customer’s current balance and monthly payments. It also checks for any delayed payments on the existing account. A Verification of Mortgage is one of the several credentials which is needed to ascertain that the customer is capable of repaying the loaned amount. It is submitted by the present lender.
Because money launderers and other criminals tend to use fraudulent identities during the onboarding process to mask their true identities, KYC laws require Financial Institutions to “get to know” their customers by confirming to a high level of assurance that those customers are who they say they are, through the assistance and co-operation of skilled Background Verification Agencies.
