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

Jan 18, 2022
4:10:34pm

Hoopster All-American

is the underwriter saying the blacked out account numbers is unacceptable. Unfortunately, this is all through the "preferred lender" that supposedly is paying the closing costs and other "incentives."

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Hoopster

Bio page: Hoopster
Joined: Apr 1, 2004
Last login: Apr 29, 2024
Total posts: 12,752 (618 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?

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

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