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Did I Screw Up?

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Jadakyss
Established Member

Did I Screw Up?

I am in the final stretch. I have been given my 3rd closing date of April 15 but the LO came back with another list of conditions about 3 large deposits. No big deal, I can explain them. As I am beginning to get my thoughts together to send over the letter of explanation I remember that (without thinking) I opened up a new bank account using my tax refund. I don't need any more hiccups but I am nervous that this may be a game changing mistake.Do I need to let my loan officer know about this new account?

Message 1 of 5
4 REPLIES 4
tooleman694
Valued Contributor

Re: Did I Screw Up?

Are they asking about the new account? If not then dont bring it up.

Message 2 of 5
Jadakyss
Established Member

Re: Did I Screw Up?

No, no one has asked about it but I just provided my most recent bank statement which will show a large transfer from my main checking account to the new account. I don't want to be dinged for not being forthcoming with the information. Should I say something or just sit back, get my paper work together, and wait for the new condition of explaining the new account?

Message 3 of 5
tooleman694
Valued Contributor

Re: Did I Screw Up?

They should not ask about the transfer out.

Message 4 of 5
brownj12
Established Member

Re: Did I Screw Up?

FWIW I have a bank account that I never mentioned to my LO. I have regular (twice monthly) withdrawals from my checking to it, and had two much larger withdrawals (one coinciding with my taxes, one coinciding with a bonus I received). The underwriter never mentioned the withdrawals and I never mentioned the account. Provided you have enough reserves in the accounts you provided statements for after the withdrawals are made you don't need to mention the account.

 

Worst possible case is that you would need to write an LoE. If you are doing a standard balance transfer then it shouldn't be an issue as it should be obvious you are transferring money from one account to another. If you are making regular transfers in the same amount, and it isn't through a regular bank transfer, i.e. you write yourself a check or use an online bill pay or e-check type of system your UW might question if it is a debt that is undisclosed, this happened to me as I fronted the money for my Girlfriends tuition (fully payed before apping but still reflected in the statements I submitted and there were three identical payments withdrawn. This was settled with a simple LoE.

 

 

Message 5 of 5
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