Need Help in Understanding approval letter

PixieQueen80 · ‎05-07-2011

Can someone help me to understand this info imcluded in my approval letter?

Provide updated bank statement with all deposit sourced evidencing sufficient cash to close and sufficient and 3 months PITI reserves after closing.

What is an "EMD check?"

Thank you!!!

Starting Scores (7/26/2010): EQ 517; TU 508; EX 527 (lender)
Scores Along the Way (11/4/2010): EQ 542; TU 547; (11/8/2010) EX Plus 641
Scores Along the Way: (4/15/2011): EQ 516; TU 622; EX 585 (lender)
Scores Along the Way: (8/25/2011): EQ 617; TU 627; EX 625 (lender)
Scores Along the Way: (11/28/2011): EQ 617; TU 645; EX 667 (lender)
Current Scores: (8/9/2013): EQ 634; TU 662; EX 694 (lender)
Closed on a Home: 12/30/2011 Goal Scores (8/25/2014): 700 club

Anonymous · ‎05-07-2011

EMD stands for Earnest Money Deposit. Earnest money is money paid by the buyer to a neutral fund (Most times the tile company) to show that the buyer is serious.

PixieQueen80 · ‎05-07-2011

Thanks Shazer7 for explaining EMD.

Can you (or someone else) assist me in understanding this statement also?

"Provide updated bank statement with all deposit sourced evidencing sufficient cash to close and sufficient and 3 months PITI reserves after closing."

Thanks

Starting Scores (7/26/2010): EQ 517; TU 508; EX 527 (lender)
Scores Along the Way (11/4/2010): EQ 542; TU 547; (11/8/2010) EX Plus 641
Scores Along the Way: (4/15/2011): EQ 516; TU 622; EX 585 (lender)
Scores Along the Way: (8/25/2011): EQ 617; TU 627; EX 625 (lender)
Scores Along the Way: (11/28/2011): EQ 617; TU 645; EX 667 (lender)
Current Scores: (8/9/2013): EQ 634; TU 662; EX 694 (lender)
Closed on a Home: 12/30/2011 Goal Scores (8/25/2014): 700 club

PixieQueen80 · ‎05-07-2011

Found the answer on the mortgage acronym thread.

Starting Scores (7/26/2010): EQ 517; TU 508; EX 527 (lender)
Scores Along the Way (11/4/2010): EQ 542; TU 547; (11/8/2010) EX Plus 641
Scores Along the Way: (4/15/2011): EQ 516; TU 622; EX 585 (lender)
Scores Along the Way: (8/25/2011): EQ 617; TU 627; EX 625 (lender)
Scores Along the Way: (11/28/2011): EQ 617; TU 645; EX 667 (lender)
Current Scores: (8/9/2013): EQ 634; TU 662; EX 694 (lender)
Closed on a Home: 12/30/2011 Goal Scores (8/25/2014): 700 club