@Anonymous wrote:
Why do underwriters require updated bank statements prior to closing? We already gave bank statements to get approved and the bank statements included our earnest money check clearing and because we are doing VA with no down payment we will be getting $6,000 back at closing. So why do they need updated bank statements if they don't need to verify funds?
All the paperwork for credit documents including bank statements and paystubs need to be less than 60 days old at time of closing and many require the most recent bank statements and paystubs in your file before issuing the CTC.
I believe this is because it takes a while to set up the file post closing with the lender and if the documents are less than 30 days at the time of closing then the 60 day requirement can be met including post closing processing time. These loans are sold and some are sold right away at the closing table. It would be difficult to meet this requirement if the docs are close to 60 days at time of closing. JMO
Shane, Dallas, dpeezy, if you know the specific reason, please advise.
