They'll want to see atleast the last few numbers to verify it is the correct

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Jan 18, 2022
4:08:56pm

byubyu Truly Addicted User

They'll want to see atleast the last few numbers to verify it is the correct

account. It is stupid and pointless but you just have to jump through the hoops of the moronic underwriters.

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byubyu

Bio page: byubyu
Joined: Jun 28, 2006
Last login: Jun 7, 2024
Total posts: 65,970 (2,912 FO)

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Messages

Author

Time

Help me oh wise CB re: mortgage loans. As part of the mortgage loan process my

Hoopster

1/18/22 4:04pm

Sounds like it. They already have it from the check so it shouldn’t be an issue.

HFF

1/18/22 4:06pm

Bank wants to verify he didn't borrow the money. Yes, they can require that. You

Plato

1/18/22 4:07pm

I already stated the money was a gift there is no expectation of repayment. It

Hoopster

1/18/22 4:10pm

Do you know bank and government guidelines better than the underwriter? I'm guessing you don't.

kimdaddy35

1/18/22 4:13pm

No, I don't which is why I am asking if this is SOP. I blacked out the account

Hoopster

1/18/22 4:16pm

Zion?

panacablue

1/18/22 4:07pm

If you want your son to get a loan then yes, you have to fulfill their

WDaddy

1/18/22 4:07pm

As an underwriter I second this. Nothing worse than borrowers that pick which

DiamondMo

1/18/22 4:53pm

As a loan officer I hate customers like this. Just send in what is needed. I understand it is a pain, but

kimdaddy35

1/18/22 4:56pm

Nothing was specified other than "send us your monthly statement and a letter

Hoopster

1/18/22 6:21pm

Well the loan officer/processor should definitely have been more clear

kimdaddy35

1/18/22 6:25pm

I would get a second opinion from Mulletino.

JohnnyC

1/18/22 4:08pm

The answer is that doing what they are asking is likely the only way to get it done. They are trying to verify

kimdaddy35

1/18/22 4:08pm

They'll want to see atleast the last few numbers to verify it is the correct

byubyu

1/18/22 4:08pm

Dad?

1/18/22 4:12pm

If the loan is FHA then yes they do require the full account number and your bank statement. If the loan is conventional

classycoug

1/18/22 4:14pm

My dad gave me a gift to purchase my first home. A letter was sufficient at

tacocat

1/18/22 4:14pm

Right. That was all that was required with my first son and his mortgage as well

Hoopster

1/18/22 4:18pm

Underwriting requirement vary across lenders.

WDaddy

1/18/22 4:20pm

I would guess a difference in loan type. Gift documentation varies between FHA, Conventional, VA, and USDA.

classycoug

1/18/22 4:22pm

Mortgage underwriting might be the worst job on earth.

kotacoug

1/18/22 4:26pm

You do every time you write a check and give it to someone.

kotacoug

1/18/22 4:27pm

True but this is going back and forth electronically and I am more concerned

Hoopster

1/18/22 4:34pm

Not much is going to happen with your account being leaked. Probably out there

HFF

1/18/22 5:39pm

This. Account AND routing number are on every check your write.

monteburns

1/18/22 4:35pm

Bank statements CANNOT be modified in any way to be considered acceptable for a

monteburns

1/18/22 4:36pm

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