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bank statement question. ..

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luckyashes04
New Contributor

bank statement question. ..

The 2 bank statements that I provided my LO both show less than a $5 balance at the end of the statement, which is also a day or so before paychecks hit the account. I always move all of our extra money into our savings account and only leave enough for bills and some spending money for 2 weeks.

My question is.... will a $5 at the end of a bank statement look bad to an UW?
Message 1 of 5
4 REPLIES 4
DallasLoanGuy
Super Contributor

Re: bank statement question. ..

no.

the loan officer shouldn't even include them in the file.

 

they should include the savings accounts.... and any other asset accounts needed for cash to close.

 

 

Retired Lender
Message 2 of 5
luckyashes04
New Contributor

Re: bank statement question. ..

Oh ok, that explains why on all the documents we signed it only showed the checking account with the large amount of money(which we consider our savings account but it is actually a checking account). Why do they make you submit the statements if they do not send them to the UW? Lol
Message 3 of 5
DallasLoanGuy
Super Contributor

Re: bank statement question. ..


@luckyashes04 wrote:
Oh ok, that explains why on all the documents we signed it only showed the checking account with the large amount of money loan officer was just being a little sloppy. no biggee. the processor will fix it (which we consider our savings account but it is actually a checking account). Why do they make you submit the statements if they do not send them to the UW? Lol  idk. i have closed loans with no bank statements many times. likely, the loan officer just follows a checklist and doesnt understand the inner workings of his/her files.


 

no worries.

 

Retired Lender
Message 4 of 5
luckyashes04
New Contributor

Re: bank statement question. ..

Oh ok. Thank you for all your help! !
Message 5 of 5
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