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PLEASE HELP! Need advise on bank statements

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bhar04
Established Member

PLEASE HELP! Need advise on bank statements

I have been an avid reader on this site since we started the process of buying our first home.  We have hit many bumps in the road with our mortgage company but luckily all were resolved.  Our LO has been no help to us once the file was submitted for processing, which would be okay however the processor does not return any calls or emails.  So needless to say we have pretty much went into this blind. In the beginning when we submitted all documentation for our pre-approval, which included all of out bank statements.  We have always had two separate checking accounts and a savings account,  We have our main checking account which maintains a larger balance and them we have our second account that we use for automatic payments (car, power, gas, etc.).  This account has always had a minimal balance and we did have two mishaps in this account where we miscalculated a transfer to cover the payments.  The mishap was immediately corrected by a transfer from our main checking account,  All of this was explained to our loan officer from the very beginning.  He decided nit to submit the statement for that account with hopes of not disclosing the negative balance that appeared.  We asked several times if that would cause an issue in underwriting since transfers have been made to and from that account several times.  He continued to say that it would not be a problem since it was basically a flow through account.   We are due to close on 05/30 and just came out of underwriting with a few conditions. One being they need explanation of a deposit that was made into our savings account of 820.00.  Well that was not a "deposit" it was a transfer from this second account that our LO did not disclose.  We called and emailed the LO but received no response as expected since he just emailed us earlier to say he was going OUT OF THE COUNTRY for the week.  So we decided to type a LOE that was very basic that just stated the "deposit" was a transfer from our checking to our savings to save money for the purchase of our home.  We then emailed the conditions to the processor and copied our LO in the email.  Amazingly our LO replied to that email and basically said "Thanks! I believe they will need the bank statement from the other account to show where the money came from.  Not that we don't trust you".  I am frustrated and at this am not sure how to respond.  I feel as though he only responded to cover his own tail because he was dishonest from the beginning.  Do I respond with the statements that I sent to him in the beginning? Or do I play along in his game to keep him happy and just send the statements?  Do I send the statements at all since the UW never requested them? I do not want to be displayed as dishonest to the underwriter since we were fully honest with him from the very beginning.  However it seems as though every time we call him out on his lack of work he drags his feet even more and our loan becomes more and more postponed.  We are due to be out of our home on 06/01.  I am just not sure what to do at this point.  I am nervous that once the bank statements are submitted we will have to start the entire UW process all over again.  It took a week and a half to get through UW the first time.  Any advise would be greatly appreciated.

Message 1 of 5
4 REPLIES 4
foofighter74
Established Contributor

Re: PLEASE HELP! Need advise on bank statements

You're going to have to source the deposit. They need to see where the money came from, and the LOE is not going to be enough.  So yes, you'll need to send the statement from the other account.  The condition that suggested you have to "explain" the deposit is a request for all information pertaining to where that money came from...so it is, in effect, a request for the statement.

Message 2 of 5
bhar04
Established Member

Re: PLEASE HELP! Need advise on bank statements

Thank you for the response. I kind of figured that was what we were going to need to do but everyone keeps telling me that unless the uw requests it directly don't send anything. I just don't want to do anything to delay this any further. When the statement is sent, will this mean that they will need to rewrite the loan app? Since his account was not included in it. Also should a send a full 90 days of statements like I had to for my other accounts or should I just send the current statement that shows the source of the "deposit". The current statement only shows that transfer, since there is not a lot of activity in that account. The previous statement does show much more activity, including transfers into that account which is how that account wound up with more money than we needed in there. Since I had Over calculated the bills that were being paid. I appreciate any advice since our LO and processor are both not reachable for help or guidance. Their requests are very vague so I have to really look into what it is that they truly need.
Message 3 of 5
bhar04
Established Member

Re: PLEASE HELP! Need advise on bank statements

Well we just revived an email from our LO that the closing will need to be extended to 6/6. We went ahead and sent 2 months of statements along with and LOE for the negative balance. I hope this doesn't cost us our home!
Message 4 of 5
bhar04
Established Member

Re: PLEASE HELP! Need advise on bank statements

Also he did say that the UW may only want to see the transfer since that deposit was not money that we would need for closing anyway. We already had more than enough in the account to cover the 3.5% plus closing costs.
Message 5 of 5
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