Home Buying in 75206>Question Details

Jherb, Home Buyer in 75206

Why is my lender needing direct access to my bank account?

Asked by Jherb, 75206 Mon Mar 5, 2012

I am green to this process. I do not feel comfortable giving this info out. If I have the right down payment, earnest $, all feesa re paid, what does it matter what is in my checking accoutn...let alone giving soemone accessto a leder?

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Answers

15
All lenders will require either copies of your bank statements (including your banks name, your name, address and account number or a VOD (verification of deposit) filled out by the bank. The VOD takes much longer and many banks charge for this service, so it is preferable to use your bank statements. At no time is your lender going to "access" your account; however, guidelines require that all funds used in the purchase of real estate to be sourced and seasoned. This requirement was initiated by the Government to ensure that real estate transactions are not used as a vehicle for money laundering (specifically from drugs or other crime organizations). Also, ALL lenders will requires ALL pages of your bank statements...if the first page says "1 of 6", your mortgage planner will need ALL 6 pages....do yourself a favor by sending them all in the first time. Or, expect the call requesting the rest of the pages. Best of luck to you!
1 vote Thank Flag Link Mon Mar 5, 2012
You do not give the lender access to your account but you do need to provide statements showing the assets you have. Typically you need to provide the most recent 2 bank statements and any unusually large bank deposits need to be documented and sourced. The bank needs to document the funds are yours. The bank may also have a requirement that after the purchase takes place you still have some reserves leftover.

Hope this answers your question.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o.512.669.5599 m.512.633.4157
listings@dongroff.com
1 vote Thank Flag Link Mon Mar 5, 2012
In relation to this question, why would the seller's realtor or bank request copies of my bank statements? My lender has all required information and has approved my loan. Am I legally obligated to the sellers anything other than my lender's approval letter? The demand seems highly suspect to me.
0 votes Thank Flag Link Sun Jan 19, 2014
i think you're overstating what was requested. Giving your checking and saving account numbers on loan application is standard.

if i.e. your putting down 100k and your checking and savings account never had more than 1k, they want to know where the money came from.
0 votes Thank Flag Link Fri Jun 28, 2013
Fred do the lenders verify all such as I have my checking that only has 50 dollars in it but my saving is where all my money is and is what I will be using for the down payment do they verify both accounts. just wondering
Flag Tue Aug 6, 2013
Betty Boo

The only reason a lender would want your credit card info would be to pay for the appraisal. You can give them a personal check if you prefer.
0 votes Thank Flag Link Fri Feb 1, 2013
dose a loan lender need all my card informsion thay are asking for my sort code acount number my 3 dig on the bk of my card and xspirey date?
0 votes Thank Flag Link Fri Feb 1, 2013
The lender does not need access to your bank account.
If your loan officer is asking for access..... Call his/her boss.
The lender DOES need bank statements to verify funds to close. <= required!



Tom Burris
Mortgage Banker
DallasLoanGuy.com
(214) 763-4629 cell/text/nights/weekends(Really!!)
tomburris@dallasloanguy.com
Lending all across the entire Great State of Texas!!
NMLS# 335055
Search Dallas area MLS for FREE. No registration => http://www.ntreisinnovia.net/cgi-ntr/BR_login?0501134
0 votes Thank Flag Link Tue Mar 6, 2012
They shouldn't be getting access to your account but they need to verify all of your assets to make sure you have the down payment etc and esp the ongoing mortgage payments. Everybody seems to be in our personal business these days which isn't pleasant but somethings they are required to obtain.
0 votes Thank Flag Link Mon Mar 5, 2012
Now for verification of assets, you may have to give them a lot more information that your bank account.
You probably will have to give them documentation to your assets, reserves, tax returns, w-2s, pay stubs, credit report, and possibly more.
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Mon Mar 5, 2012
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
You can typically just give them a check or cashier check or money order for the appraisal fee.

You don't have to give them access to your account.

Don't be afraid to ask them why or ask them questions.

I think this is always a valid concern.
0 votes Thank Flag Link Mon Mar 5, 2012
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
The Patriot Act. That's not all of it, but it is a HUGE part of your "why?". See the link below for more information:
0 votes Thank Flag Link Mon Mar 5, 2012
They probably are wanting 2 or 3 months bank statements and if you want a house you will have to give them up. It is not easy to get a home loan any longer. We are at the mercy of the underwriters and they are asking for everything.

GOOD LUCK.

Kenny
0 votes Thank Flag Link Mon Mar 5, 2012
The guy below me answered this one well. A lot of times they want to make sure you arent getting a one time deposit from friend or family member to cover the downpayment, but will be treading water thereafter.


Kevin D. Brown
kdb properties
973.379.8931
0 votes Thank Flag Link Mon Mar 5, 2012
They do not need access to it, but they do need to verify your assets, a bank statement should suffice. They also want to make sure that the money is coming from your accounts. They don't want it to come from somewhere other than your accounts. So when you send the money to the title company you need to make sure it comes directly from an account they know about.
0 votes Thank Flag Link Mon Mar 5, 2012
No professional can speak on behalf of a lender we are not part of that conversation . However all lenders will require copies of last 2 -3 months bank statements and other financial records

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Mon Mar 5, 2012
our lender has asked for access to both of our bank accounts! I am currently rguing with my other half over this issue! I have sent them the last 2 statements from both backs and copies of cashed checks to the seller and the Realtor that does not seem to be good enough they come back and ask who this check and that check was wrote out to and for what reason, I find this very much a invasion of my privacy....
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