Jeremy Higginson,
Agent, 84105
Richard has some great advice. Processors generally have a good idea of what to send to the lender and what not to send to the lender. If it were me I would get a digital copy of ALL the pages of the bank statements for the past 2 months and email them to the processor. That way if the underwriter comes back and wants them the processor doesn't need to track you down.
You mentioned that you have your gift documents together. The advise I give my clients when it comes to gifts is that you need to have all the documentation coming from the person giving the gift from their bank to yours. I generally have my clients get the beginning balance with a 60 day average from the bank where the money is coming from. I then get the withdrawal transaction documented, and finally the deposit of the money into your bank account. If you are just getting a cashiers check from the person giving the gift and then are taking that to the title company then you will not need to deposit it of course. You have to have the gift letter as well. Not to say that this is the only way to do it, but this has worked every time.
Good luck with your purchase!
You mentioned that you have your gift documents together. The advise I give my clients when it comes to gifts is that you need to have all the documentation coming from the person giving the gift from their bank to yours. I generally have my clients get the beginning balance with a 60 day average from the bank where the money is coming from. I then get the withdrawal transaction documented, and finally the deposit of the money into your bank account. If you are just getting a cashiers check from the person giving the gift and then are taking that to the title company then you will not need to deposit it of course. You have to have the gift letter as well. Not to say that this is the only way to do it, but this has worked every time.
Good luck with your purchase!
Web Reference: http://www.saltlakeopenhouse.com
Richard Reid,
Broker, Decatur, GA
It will depend on the banks standards, and the underwriter that processes your loan. Each underwriter makes their own decision for a number of loan components. Their work is audited, but typically only once or twice a year - so a lot can fall through the cracks in that time.
The bottom line is - you are better off with everything on hand. I'm not sure what your time to close is - and it may affect your best course of action. You might think it's best to ask the processor to go ahead and send them, but that could result in the underwriter starting the process over. I have seen several scenarios where the process starts over when anything in the file changes.
This seems insane, but it is a side effect of the number of loans being processed by banks at this time. If the processor is comfortable with the information submitted, and you are comfortable with the processor, I would probably follow their advise - and keep the information available, but not submit them unless requested at this point.
The bottom line is - you are better off with everything on hand. I'm not sure what your time to close is - and it may affect your best course of action. You might think it's best to ask the processor to go ahead and send them, but that could result in the underwriter starting the process over. I have seen several scenarios where the process starts over when anything in the file changes.
This seems insane, but it is a side effect of the number of loans being processed by banks at this time. If the processor is comfortable with the information submitted, and you are comfortable with the processor, I would probably follow their advise - and keep the information available, but not submit them unless requested at this point.
Web Reference: http://www.DirectLinkRealty.com
