Home Buying in Delaware City>Question Details

Landy, Home Buyer in Indianapolis, IN

is it possible for underwriter to deny a loan just for not wanting to submit a bank statement that was not originally part of the loan application?

Asked by Landy, Indianapolis, IN Sat Jul 30, 2011

could the request of an exception work in that case? please help me understand.

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9
Sergio Hernandez’s answer
The rules have changed! If you don't comply with the underwriter's request, you're probably not going to get financing.

As for the extension, you'll need to ask the underwriter.
Web Reference: http://www.golftobeach.com
0 votes Thank Flag Link Fri Aug 5, 2011
The underwriter is asking for a bank statement because the underwriter is required to source all funds involved in the real estate transaction. Even though the bank statement wasn't part of the original loan application once you submitted the file the underwriter must source your deposit and review each deposit on the bank statement. Every deposit must be sourced so if you moved money from another account then you must provided the last 2 months of statements for each account. Your loan officer should have reviewed your bank statements initially and explained that each deposit will be sourced and the underwriter must "follow" the money by sourcing each deposit. No matter which bank you go to they are going to ask you to source your money.
Best practice is to not move your money around and make sure you can prove each deposit into the account you are sending in to the underwriter.

John R. Thomas
Certified Mortgage Planner
Primary Residential Mortgage
302-703-0727 Office
http" http://;www.DelawareMortgageLoans..net
1 vote Thank Flag Link Sun Jul 31, 2011
Why would you not want to provide a bank statement? Refusing will only make the Underwriter wonder what you are trying to hide. At the end of the day, the Underwriter has full authority to accept or deny your loan.

Jack Gillis, M.B.A., J.D.
Jack Gillis Realty Advisors
Nathan Grace Real Estate, Broker
5619 Dyer Street | Suite 100
Dallas, TX 75206
Cell: 214.718.4910
Email: Jack@JackGillisRealty.com
0 votes Thank Flag Link Fri Aug 5, 2011
No, asking for an exception when an underwriter is trying to verify funds will only raise flags. Again, it will be helpful for them to explain exactly why they need the statements in order to allow you to understand. I am sure they are not asking for them just to have them. It may be a situation that you need to visit another Loan Office and go with another Mortgage Company, if the information requested from you cannot be furnished. Contact Adam Stuller at (302) 588-4475. He will discuss and give you his best advise.
0 votes Thank Flag Link Fri Aug 5, 2011
With everything that has happened in the last few years;
can you imagine an Underwriter who does a sloppy job?
0 votes Thank Flag Link Fri Aug 5, 2011
All answers below are good. Have been a Loan Consultant in past years and now an Agent, some underwriters were picky even years ago. Now we are in different times and underwriters need to CYA. As stated below, all funds need to be tracked making sure they are your funds and not borrowed or another type of loan. The Loan Officer should look through all your documents an inform you if everything noted is documented or that additional WILL be requested. Contact Adam Stuller at (302) 588-4475 or email AStuller@embracehomeloans.com. It is never to late to get a second opinion or even a better Loan Program when making the largest financial investment your life.
0 votes Thank Flag Link Fri Aug 5, 2011
Yes! You can transfer Loan to another mortgage company if you are having problem with this one but they can pretty much asked for your first child!
Thank you,
Barbara & Peter Winnington
bwinnington@cbpref.com
http://www.firststaterelo.com
302 545 4999
0 votes Thank Flag Link Sun Jul 31, 2011
good evening landy......not going to happen....i have originated mortgages in michigan for over 16 years, and i can't figure it out.....it is beyond carzy out there now...more than half of what they'll want will make no sense to you anymore than it does to those of us in the mortgage business..
look at it this way..everyday you get underwriting what they want, as painful and nuts as it seems...is another day closer to closing and being done with them..
let me see you smile.
best regards..
bob mcclure
pecentPlus
0 votes Thank Flag Link Sat Jul 30, 2011
Hi, The underwriter has the final say, unfortunately when receiving a loan we are at their mercy.

Chris
0 votes Thank Flag Link Sat Jul 30, 2011
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