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Online Digital Mortgage Technology: Digital Asset Verification

When you purchase a new home or refinance with a completely online digital mortgage lender like Warp Speed Mortgage, secure online tools can provide major benefits to both yourself and the lender. One tool that is critical to efficiently moving you through the mortgage process is digital asset verification.

Part of the traditional mortgage process includes document gathering, where you find and sort through various financial documents to send to the lender, who then sorts through the same documents to determine your loan eligibility. This process can end up taking a week or more depending on the documents needed. Luckily, with the adoption of digital asset verification, available to in-person, over-the-phone, and online clients, this process can be largely automated.

How does digital asset verification work?

When you use a secure digital asset verification platform, you can share your account information from any financial institution with your lender in the form of an asset report. Simply select the financial institutions with accounts you would like to have verified, use your online banking credentials to log in and select which accounts to share, then send your asset report to your lender, Warp Speed Mortgage. Don’t worry, your asset report will be sent to us via a digital encrypted key in a read-only format and the information sent will only be used to determine your eligibility for the loan you applied for. 

Security Standards & Best Practices

When it comes to digital asset verification, security is the number one priority. It’s important to keep in mind that throughout the entirety of the digital asset verification process, encryption is used to ensure your data is always kept private. Your banking logins are masked so only you can see them, and asset reports can only be sent with your permission. Your data is encrypted while in transit and is submitted directly into databases protected with hardware and software encryption. The asset report Warp Speed Mortgage receives is in a read-only format and is sent via encrypted digital key. All these steps are taken to ensure your online digital mortgage process is reliable and secure. 

Now that you’re familiar with the digital asset verification tool and process, you may be interested in learning more about remote notarizations. Otherwise, if you’re ready to begin your online digital mortgage journey, get started now!

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