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Why does my lender need my bank statement in the first place?

To process your application and assess your ability to afford the payments required by your loan, your lender needs to verify what asset accounts you own and confirm their account balances. In addition, laws, regulations and underwriting guidelines require lenders to evaluate things like monthly cash flow, size and frequency of deposits and whether you have bounced any checks.

Passport quickly, automatically and accurately analyzes your account data and securely transmits the results in a digital report to the lender. This lets lenders make better and faster decisions, which can make credit cheaper and more available for consumers.