topic Re: Question about updated bank statements... in Mortgage Loans

When did you submit your bank statements?

Anonymous — Sun, 21 Apr 2013 15:35:09 GMT

We are getting close to going back into underwriting for the final stretch on our new build home, should be closing June 6th or so. We have two bank accounts, one personal which the statement closed today and one business which the statement closes on the 30th.

Will the UW also want to see the May 18th and May 31st statements? I'm thinking that's way to close to closing but don't know if they do a final check up or how that works.

Re: Question about updated bank statements...

Anonymous — Fri, 19 Apr 2013 19:00:44 GMT

I would think they will need to verify that you have the funds to close. So they'll need fairly recent information in relation to your closing date.

Re: Question about updated bank statements...

tooleman694 — Fri, 19 Apr 2013 19:02:46 GMT

They asked for the statements I had available to me. Those statements showed I had the cash to close.

Re: Question about updated bank statements...

Anonymous — Fri, 19 Apr 2013 19:07:30 GMT

@tooleman694 wrote:
They asked for the statements I had available to me. Those statements showed I had the cash to close.

How close to closing though?

Re: Question about updated bank statements...

Anonymous — Fri, 19 Apr 2013 19:09:59 GMT

Yah, I think that's the final condition. They came back and asked for my recent bank statements for March to April, even though I showed them a recent statement of my savings account with 10,000+ in it.

Just don't get the UW process.

Re: Question about updated bank statements...

Anonymous — Fri, 19 Apr 2013 19:18:43 GMT

@Anonymous wrote:
Yah, I think that's the final condition. They came back and asked for my recent bank statements for March to April, even though I showed them a recent statement of my savings account with 10,000+ in it.

Just don't get the UW process.

They ask for past statements to make sure that $10,000 you have is seasoned and you didn't just deposit it a few days before your newest statement.

Re: Question about updated bank statements...

tooleman694 — Fri, 19 Apr 2013 19:21:47 GMT

We closed in April, we started the process in Feb and they got Dec and Jan. they never asked for updated bank statements.

Re: Question about updated bank statements...

Anonymous — Fri, 19 Apr 2013 19:40:58 GMT

@tooleman694 wrote:
We closed in April, we started the process in Feb and they got Dec and Jan. they never asked for updated bank statements.

Curse you Tooleman694, CURSE You.

J/K

Just seems like you end up the complete opposite on things at times

Re: Question about updated bank statements...

Anonymous — Sat, 20 Apr 2013 01:03:19 GMT

Anyone else who has recently closed that can share their experienced? How close to closing did you have to provide a bank statements?

Re: Question about updated bank statements...

Anonymous — Sat, 20 Apr 2013 20:22:05 GMT

Anyone else with personal experience? How far from closing did you have to provide a bank statement?

Re: Question about updated bank statements...

Uppingmyscore — Sat, 20 Apr 2013 20:36:52 GMT

My statements are generated on the 5th of the month. I applied Jan 3rd and for my pre-approval I used the November and December statements. My funds for my down payment didn't reflected until my Jan statement. Close Feb 22nd and had to submit my Jan and Feb statement before I received my clear to close.

Re: Question about updated bank statements...

Anonymous — Sun, 21 Apr 2013 03:15:34 GMT

We close in 9 days, but I submitted all my statements and conditions 2.5 weeks ago or so. We do not have to submit anything further.

Re: Question about updated bank statements...

Anonymous — Sun, 21 Apr 2013 15:40:55 GMT

Hmm more confused than ever.

Tooleman submitted bank statements that were over 2 months old by the time he closed and didn't need new ones.
Uppingmyscore had to submit a new statement within 2 weeks of closing (though that may have been because the funds for closing weren't reflected on previous statements)
Violet's mom had to submit new statements within about 4 weeks of closing.

Anyone else?

Re: Question about updated bank statements...

cclee — Sun, 21 Apr 2013 15:45:22 GMT

Mine wasn't a very long process, but when I applied, my statements had just been released, so I waited for the new statements and submitted those so they wouldn't ask for more. The appraisal came in 7k lower than we were expecting and I wanted that 22% equity so as not to pay the MIP. I had saved a few thousand more by then and they asked for a print out from the bank showing the funds and the source of the funds, our DTI is really low so everything was income transferred to savings, it was right before the clear to close that they asked, but that was just to source the extra funds we were bringing to the table.

Re: When did you submit your bank statements?

Anonymous — Tue, 23 Apr 2013 00:28:54 GMT

The loan processor did ask for more recent bank statements a couple of times as they wanted to monitor the transactions and deposits going through until 4-5 days before closing. We were waiting for my 401K check to come and they needed the check sourced along with showing the funds were in savings before I got clear to close. I don't know what amount of reserves they were looking for as they never told me.

Re: When did you submit your bank statements?

tooleman694 — Tue, 23 Apr 2013 16:19:04 GMT

I think if you can show you have the money to close in the statements you provide, they should not ask for more. But UWs love to trip you up.

I was waiting to give a blood sample.