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GETTING READY FOR UNDERWRITTING_BANKSTATEMENTS QUESTION

Regular Contributor

GETTING READY FOR UNDERWRITTING_BANKSTATEMENTS QUESTION

So we are heading to underwriting and I have something to throw out there. I have to give two months bankstatements and a month ago I was out of town on a family emergency and forgot to transfer money from savings into checking and we got two overdraft charges in one day. We don't have any after that incident but and none prior either so I am wondering how hurtful this will be. Our credit scores are good, money in the bank is good our debt to income ratio is good, two years tax returns are perfect, everything else is in check but that bankstatment thing is scary. with everything else being good, do i need to worry? we make an excellent income and we do not live above our means but i just got sidetracked with what was going on and made an honest mistake of forgetting my transfer.

Lender pulled fico scores 4-11-2013
Equifax 670, Exp 673, TU 672
8 REPLIES
Valued Contributor

Re: GETTING READY FOR UNDERWRITTING_BANKSTATEMENTS QUESTION

It will not be an issue, you may have to write a letter explaining it though.

Established Member

Re: GETTING READY FOR UNDERWRITTING_BANKSTATEMENTS QUESTION

You might get advice by reading this thread- http://ficoforums.myfico.com/t5/Mortgage-Loans/So-Disappointed-Discouraged-and-Simply-Sad/td-p/22544...

Your situation is different from the original poster but others chime in on the overdraft issue. Wishing you the best of luck. I feel your stress!
Contributor

Re: GETTING READY FOR UNDERWRITTING_BANKSTATEMENTS QUESTION

Definately a LOE will be requested.  I would start writing one right now and sending that over with your applications.  As a matter of fact, anything negative on your report should come with a LOE.  Sames the UW the hassle of requesting one, placing your file in PFD.

 

During my process, bank statements were requested every other day the last week before closing.  So be prepared to get those documents asap.  The problem is if your statement cuts a certain day, and the lender is requesting transaction historys prior to the cut off date, this may require you going to the bank to get the print outs.  My lender was very meticulous in making sure my name and account number were on the statements.

MyFICO Pulled: (11/28/2012) EQ 635, TU 650, EX 661
Lender Pulled: (12/05/2012) EQ 635, TU 677, EX 641
Lender Pulled: (02/20/2013) EQ 667, TU 661, EX 648
MyFICO Pulled: (05/30/2013) EQ 712, TU 685, EX 686

Finally Hit the 700's as of 06/05/2013!!!
New Contributor

Re: GETTING READY FOR UNDERWRITTING_BANKSTATEMENTS QUESTION

I would definitely talk with your LO about it. My situation is different put it was the overdraft that caused me trouble. I went back and found their guidelines online and it is in black & white that overdrafts is an immediate denial. Just be sure to discuss with your lender.

Starting Score Early 2013: TU - 556 & EF - 552 & EXP - 591
Current Score 10/09/14 (MyFico): TU - 666 & EF - 665 & EXP- 711
Goal Score: 730 Across all 3 bureaus
Valued Contributor

Re: GETTING READY FOR UNDERWRITTING_BANKSTATEMENTS QUESTION

I had over drafts from poor handling of my money. The underwriter didnt care about it, I just have to explain how it happened.

Regular Contributor

Re: GETTING READY FOR UNDERWRITTING_BANKSTATEMENTS QUESTION

What about getting a printed out activity statement from the day after the overdraft to current?
Lender pulled fico scores 4-11-2013
Equifax 670, Exp 673, TU 672
Highlighted
Regular Contributor

Re: GETTING READY FOR UNDERWRITTING_BANKSTATEMENTS QUESTION

bank statements turn in, lets hope it works out for us.

Lender pulled fico scores 4-11-2013
Equifax 670, Exp 673, TU 672
Regular Contributor

Re: GETTING READY FOR UNDERWRITTING_BANKSTATEMENTS QUESTION

As long as you respond with a LOE and make a point to stress that this is an isolated incident due to being out of town, an oversight.  I hope it works out for you and please let the forum know how it turned out.

 

 

 

 

 

Current Scores:  TU 667 EX 659 EQ 645

Exp/647-Fako
EQ/629-Fico
Trans/656-Fako
NEW SCORES
EX/665
EQ/642
Trans/656 Fako

This is new to me but I will take the 750+ challenge! Goal by May 2014