Bank statements

[ejay63]

So, Is the 2 month bank statement requirement solely to verify deposists?  Or, in addition to that verify payment history and overdrafts?

[ShanetheMortgageMan]

If 2 months of bank statements are required, it's to verify the current balance, the average balance over the past 60 days, deposits (to make sure there are no unusual large ones which can't be explained), to verify no NSF's.  However 2 months of bank statements are not always required.

[fishbjc]

According to my loan officer at Pulte, they were looking at a LOT of NSF.  If you have a couple, it was no big deal.  They also wanted to verify deposits to make sure they were consistant.

[Anonymous]

They do not want to see your downpayment and closing money funnelling in in one felll swoop (was it a gift or loan from someone?) - or you will have to document where it came from (a stock sale, retirement etc).  Could you be padding accounts  to make things look better?

[ejay63]

I had 3 overdraft fees showing on my recent statement,  and noticed the loan officer also requested a VOD (verification of Deposit) after I submitted the bank statements.  Could this be that they were not comfortable with sending docs to underwriter with the overdrafts, and selected to just send the VOD? Or will both be a part of the package?

[ShanetheMortgageMan]

ejay, it could be.  If I have a VOD I don't send in bank statements, underwriter doesn't need both.

[tbenz6876]

I am a contractor and when I was trying to refi my house and not wanting to go full doc they asked me for 12 months bank statements. I am still not able to refi my house because I am upside down because of the forclosure rate in the area.

[ejay63]

Shane,

I received a call stating that my loan was approved.  Also received escrow docs in the mail on the same day.  Where does this put me in the closing process?  Or, will there be more obstacles to overcome? 

I really appreciate all the valuable information you have provided.

[ShanetheMortgageMan]

You are welcome.

It's tough to say since each loan is very individualistic.  Since there is no standard in communication/loan processing, one person saying your loan has been approved could mean something different than if another person saying it's been approved.  Best advice I can offer is to call your mortgage professional up and inquire, "What exactly is there left to do?".  When I get a loan approval it has a list of conditions that need to be satisfied, such as appraisal report, title report, evidence of homeowners insurance, some other minor stuff from the title company, and anything that is specific to the transaction.  It could be a small list or a large list, depending on what was submitted to get the loan approval.  This is why communication with your mortgage professional is going go be key.

The escrow documents are seperate from the loan documents, they are just asking you information that escrow will need in order to close on the purchase.  Usually it's a Statement of Information, and a form asking for your homeowners insurance information... plus some other disclosures (escrow company specific).