Finmo's AI Down Payment Verification reviews borrower documents, traces funds across accounts, and produces a structured verification report. It identifies transactions that require follow-up and generates submission guidance - before anything is sent to a lender.

Important: AI outputs are designed to support your review, not replace it. Final judgment on any file remains with you.

Down Payment Verification works directly with documents already in your deals. No downloading, re-uploading, or moving files to a other systems. If it's in Finmo, the AI can read it.

Click the red arrow below to watch a video:

Before you start

You'll need the following uploaded to your Finmo deal:

Bank statements (90 days is the default lookback; some lenders require more or less)
Investment statements, if the borrower is using RRSP, TFSA, FHSA, or HBP funds
Supporting documents — gift letters, lawyer trust receipts, sale of property documents

The more complete the document set, the more the tool can verify upfront.

How to run a down payment verification

Important: Make sure you have filled in the "Down payment" amount in the "Goal" section of the application before running a verification.

1. Open your deal and click on "Down payment verification" from the left menu.

2. Set the "Transaction threshold" and "Verification date" and "Verification period".

3. Select your documents by clicking on "Add from document request" — choose the statements and supporting docs relevant to the down payment. Once selected they will appear under "Documents". To remove a document click on the trash can icon.

4. Click on "Generate verification" — Finmo AI will scan your selected documents, trace deposits across accounts, and flags anything requiring follow-up.

Note: The verification may take a few minutes to generate.

5. Review your results.

6. Check the summary, account breakdown, transaction table and "Guidance" before exporting or submitting.

7. Export the results to Word should you want a report.

8. Copy and paste information from the report into your submission notes to the lender.

Can I re-run a verification?

Yes you can re-run as new documents arrive. Each run reflects the documents selected at that time — add a new bank statement or gift letter, select it, and run again to update your results. Follow the steps above.

Understanding your results

Summary

Verified funds vs. required down payment, with a clear surplus or deficit signal.

Account breakdown

Every account identified in your documents, with its balance and verified funds amount.

Transaction table

Each deposit that meets your threshold is assigned a status:

Verified — funds have been traced and sourced
Unverified — requires follow-up or supporting documentation
Income — recurring payroll deposit; contributes to the account balance but no sourcing required

Guidance

Plain-English notes summarizing the money trail and flagging anything outstanding. Copy directly into your submission notes or export the full report to Word.

Frequently asked questions

What document types does Finmo AI down payment verification support?

Bank statements, investment statements, gift letters, lawyer trust receipts, sale of property documents, and loan agreements.

Does it work for all deals?

Down Payment Verification is designed for purchase transactions. It covers personal savings, gifted funds, investment withdrawals, property sale proceeds, inherited funds, borrowed down payments, and purchase deposits.