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Jan 18, 2022
4:07
:23
pm
panacablue
Truly Addicted User
Zion?
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panacablue
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panacablue
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Jul 18, 2010
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Sep 3, 2023
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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?
ColdFusion1989
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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