topic Re: Bank Statements in Mortgage Loans

Bank Statements

800goal800 — Sat, 23 Apr 2022 20:57:45 GMT

We close in about a week. Have a final loan commitment with a few contingencies I met yesterday and I know UW has looked at it least once regarding income.

When we began the process about 5 weeks ago, the lenders site had a list of documents to upload. Bank statements from the banks listed on app and retirement accounts along with other standard stuff. At this point I've only uploaded statement which shows cash to close and two prior statements - that's all they said they needed. This account only shows deposits - bills are paid from a different account.

Thoughts ?

Re: Bank Statements

chiefone4u — Sat, 23 Apr 2022 21:34:41 GMT

@800goal800 wrote:
We close in about a week. Have a final loan commitment with a few contingencies I met yesterday and I know UW has looked at it least once regarding income.
When we began the process about 5 weeks ago, the lenders site had a list of documents to upload. Bank statements from the banks listed on app and retirement accounts along with other standard stuff. At this point I've only uploaded statement which shows cash to close and two prior statements - that's all they said they needed. This account only shows deposits - bills are paid from a different account.

Thoughts ?

They will likely want to see the account statements of the account you are transferring into from the account you shared with them. They tend to want to know where withdrawals go (to make sure you don't have an undisclosed loan that could change your DTI).

Re: Bank Statements

800goal800 — Sat, 23 Apr 2022 21:36:19 GMT

Isn't that something they would have wanted at the beginning prior to commitment?

Re: Bank Statements

MortgageMama — Sat, 23 Apr 2022 23:40:22 GMT

One would think so. However, please DO provide them with 2 months statements from the liquid account that you intend to use for down payment and closing costs.

Re: Bank Statements

800goal800 — Sat, 23 Apr 2022 23:45:17 GMT

@MortgageMama They have the current and prior two months of where funds are coming from. This is also where one of our paycheck is deposited. I was just saying there are no bills or debits from that account.

Re: Bank Statements

800goal800 — Sun, 24 Apr 2022 14:28:29 GMT

Adding to bank statement questions.....my wife and I throughout the month will send money to each other a few times via Venmo or Zelle for various bills.

Wondering how, if asked, to explain. The amounts are different and vary in size. Nothing suspect but wouldn't be able to tie back to a particular transactions.

Re: Bank Statements

ShanetheMortgageMan — Mon, 25 Apr 2022 04:55:19 GMT

It's not an issue if there aren't any expenses coming out of the account, lenders don't require that a borrower's "cash flow account" is provided. Only requirement is to get the past 60 days of activity on the bank statements being provided. Typically underwriters will only ask about deposits that are 25% of more of the monthly income being used, this eliminates the need to explain a lot of smaller deposits that could be tricky to source (cash, cash app, etc.). When there are deposits larger than 25% of the monthly income underwriters need an explanation and possibly supporting documentation (copies of checks deposited, etc.).