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Activity on Bank Statements

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Frequent Contributor

Activity on Bank Statements

I know there are a lot of questions in this forum about bank statements, and I’m sorry for adding another if the answers are already out there. However, in preparation for going into underwriting sometime soon, I wanted to ask about some slightly unusual activity on my accounts. I have nothing to hide, just want to be ready with letters of explanation before anyone asks, if possible.

 

The unusual items are:

 

- A few mobile check deposits in amounts from $165 to $1500. I do some freelance work that I’ve disclosed verbally to my lender, but it’s not in my application because I don’t need it to qualify. These checks are payments from clients. If I have copies of my invoices and the client checks, will that suffice?

 

- A few deposits from StubHub for selling theater tickets. I have an annual subscription but have been uninterested or unable to attend several shows recently, so I sold the tickets. I saved copies of the “Your tickets have sold” emails from StubHub, showing the amounts and what sold. I’m worried they may think I have a ticket scalping business. (I don’t! And I didn’t even renew my subscription for next year.)

 

- One deposit from a savings account that I have not listed as an asset on my application. I don’t mind providing statements from that account, except that it shows monthly deposits from a Chase checking account that is also not listed, and that one has lots of deposits from my daughters for paying their portions of shared bills (like the cell phone) and repayment of a small loan. Nothing nefarious at all, just annoying if I have to provide LOEs for all of this. If they ask for statements from the savings account, will they require them from the Chase account as well? (Looking closer, this one may not even be an issue. It’s on my March statement, which I have provided, but by the time I get to underwriting it may only be my April and May statements that matter.)

 

- A payment made to the Illinois Dept of Revenue for an old (2013) tax bill. I had a lot of issues with my taxes back then, and I’m on an installment plan with the IRS that has been listed on my application. I moved from Illinois and forgot about the last tax payment, so I paid it in full immediately when I got the bill last month. I have a letter from the state saying I owe $0. Will that be enough to explain the payment and prove that I owe nothing more in back taxes to Illinois?

Starting Score: EQ: 478 | EX: 499 | TU: 534 Current Score:EQ: 759 | EX: 805 | TU: 830 Goal Score: 800
Message 1 of 5
4 REPLIES 4
Community Leader
Super Contributor

Re: Activity on Bank Statements

Like you said, there is nothing nefarious going on; and if I were you, I would copy and paste exactly what you posted here into a Microsoft doc. Then, when/if the LO ask for a LOE, you’re good to go!

 

Congrats on the process of buying a house. 

REVISED GOAL: Garden ‘til Dec 2020 — 0 inquiries

Previous Goal: Garden til APR 2020 (extended) and
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DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799
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Message 2 of 5
Contributor

Re: Activity on Bank Statements

On our application it said we had to disclose any assets. Im surprised to see you didn’t list that savings account.
But what the professional said.. talk to your LO.
Message 3 of 5
Moderator Emeritus

Re: Activity on Bank Statements


@Armstrong7984 wrote:
On our application it said we had to disclose any assets. Im surprised to see you didn’t list that savings account.
But what the professional said.. talk to your LO.

Generally speaking if you show enough assets to clear DTI AFAIK nobody cares if you have more.  I didn't disclose the Roth IRA or some other scattered accounts I had given the brokerage account and 401k covered everything and then some.

 

Same thing with income, I didn't use both jobs when I got my mortgage just the (lower-paying yet more steady) one.  If I had to do similarly today I would the same even though I have over 6 months in both, though been in the higher paying one longer so I might do that one instead this time haha.




        
Message 4 of 5
Frequent Contributor

Re: Activity on Bank Statements


@Armstrong7984 wrote:
On our application it said we had to disclose any assets. Im surprised to see you didn’t list that savings account.
But what the professional said.. talk to your LO.

I applied over the phone, so if that was on my application I didn't see it. I'd read on this forum that you only need to list the accounts that are holding the money you need for down payment and closing costs.

 

(By the way, if anyone else plans to apply with Navy Federal, I highly recommend that you get the name of a local loan officer. I had no idea this was possible, but a broker who was trying to win my business but couldn't match what NFCU could do hooked me up with a guy. I am one who usually wants to do everything online, but he said the phone app would be processed faster. It was. I've heard stories about NFCU loan officers being nonresponsive, but my guy is amazing!)

Starting Score: EQ: 478 | EX: 499 | TU: 534 Current Score:EQ: 759 | EX: 805 | TU: 830 Goal Score: 800
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