Deposit Verification of 401(k)Assets for Mortgage Loans

[Guest gerryg]

We have been receiving a lot of Deposit Verifications from Mortgage companies regarding participant assets and loans in their company 401(k) Plan. Have anyone else received these requests? How are they being handled?

[jevd]

We have often received these requests. We have a standard phrase that states these are plan assets and cannot be collaterlalized. Often times the lender is looking for the borrower's ability to save and manage his assets etc.