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Hello all. This is a question more for actual mortgage loan officers, but if other people know the answer for certain or can direct me to relevant discussion threads, that would be helpful too.
I have many bank accounts, partly due to chasing sign up bonuses for savings and checking accounts for the last five years. When I go through the pre-approval and also final underwriting for a home purchase, am I legally obligated to disclose all of my bank accounts (20+) and all the transactions on them in the last few months? Or can I confine the disclosure to the "relevant" bank accounts, which to my mind would be the accounts where my paychecks went (I have a single job with the standard paycheck every two weeks) and those that I am using for my downpayment (3 accounts).
I'd love to hear that I can get away with just the relevant accounts. Disclosing all of them (and all the transactions) will be a lot more of a pain.
As far as my FICO mortgage scores go, they are fine (middle score hovering around 800) and my DTI is very low. So those are not issues. I'll be getting a conventional mortgage for a home that costs between 300k and 400k and have enough cash in savings to cover a 20% downpayment.
You only need to disclose the relavent acounts. Typically the account your paystubs are entering and whatever account your down payment is coming from. Any other account is none of underwritings business.
Thanks for the kind word. I am only hear to gather some info for a (possible) upcoming home purchase. I am still basically on a long sabbatical that will last years or be permanent.
Best wishes!
I had the same conversation with my underwriter in 2014. She told me they wanted everything due to people playing games to hide irresponsible NSF fees. I had nothing to hide and didn't care, so I turned everything in.
I'll be closing on my new house (and selling my current one) in 2 weeks and I asked my lender about that very thing. He only wanted the two main accounts I use, one being the account my direct deposit goes into and the other being my primary account that I pay bills with. He didn't want any of the other bank statements.
I didn't even bother.
I used the accounts I needed to prove I had income and assets and beyond that, not any of their business. They won't ask, and actually I'd suggest never ask questions like that to a LO anyway when you're going through a loan app for those that actually did talk to their LO's about such things .
Only give what they ask for, the rest can just cause additional problems if the UW is having a bad day for whatever reason imo. There is such a thing as offering up TMI when it comes to mortgages.