do i have to show the mortgage company all my bank accounts?

Asked by Castillothom, Fri Jan 4, 2013

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11
John Lyng, , Dallas, TX
Sun Jan 6, 2013
Sorry but I have to disagree on this as well. In my opinion it's a violation of TILA to knowingly omit assets. You can also violate the Patriot Act as well.

Especially in today's climate, if after closing an audit reveals that was done I sure wouldn't want to be answering questions as to why I did it.

Looking at the statements is not just to determine cash on hand but also the ability to repay. Are there payments being made from the account that can affect DTI? Are there deposit being made? If funds are being moved to/from a disclosed account?

I'm sure if I look up the regs there would be other ways this could cause trouble. People sitting with me are told that if there's an account open with their name on it I want to see it. It's no big deal to do an LOE that you're not considering the funds.
2 votes
Dixon Wong, Agent, Dallas, TX
Sun Jan 6, 2013
Hi Catillo,

You should only required to show it for the proof of fund reason. Meaning the fund you have for the downpayment. i personally never showed more than what they asked for. Your lender should have go over that with you.

Thanks
Dixon
Realtor
JP and Associate
http://www.findyourtexashome.com
1 vote
Tommy Burris, Mortgage Broker Or Lender, Baton Rouge, LA
Fri Jan 4, 2013
Look, Castillothorn....

This is the very reason why you get your lending questions answered by a lender!!!
You just got 7 wrong answers below!!!

You ARE NOT REQUIRED to show all of your bank accounts. Just the ones declared for pre-approval..... Showing your cash to close.
Some people will need to show more for cash reserves, but no lender will prod and pry into your personal life about 'hidden' bank accounts.

Does this answer your question? Please feel free to ask follow up questions.



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
1 vote
Tommy Burris, Mortgage Broker Or Lender, Baton Rouge, LA
Mon Jan 7, 2013
TILA requires lenders to disclose certain things to the borrower in an effort to inform the borrower about the cost of credit.

You must be thinking of another regulation.

Since you gave an answer, you must know the answer. Where in the regulations does it say I have to disclose my joint account with my 12yr old son....?!?!?!? You know, the account with $50 in it.
0 votes
John Juarez, Agent, Fremont, CA
Fri Jan 4, 2013
Does the loan application ask for your bank account information or does it ask for “some” of your bank account information? Do you think that providing partial or misleading financial information to a company who is evaluating your creditworthiness is a good idea?
0 votes
Bruce Lynn, Agent, Coppell, TX
Fri Jan 4, 2013
Yes.....why wouldn't you.

They will be on your credit report anyway...so they will find them.
0 votes
How would a bank account show up on a credit report?
Flag Wed Dec 16, 2015
Tommy Burris, Mortgage Broker Or Lender, Baton Rouge, LA
Fri Jan 4, 2013
No. You only need to show the bank accounts declared on the application and used for pre-approval.

I have left off savings account plenty of times when they were not needed. And I leave off 401K accounts all of the time too.



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
Could I get a clarification Tom? I like your posts and find them very helpful but I am curious about this one. When you say you have left them off I would read that to mean that you actually knew about them, but didn't need them to qualify your client. Am I reading that correctly? This guys's question made it sound like he wanted to hide something, hiding and leaving off due to no need for it being 2 greatly different things - am I reading this right? I would still think that if a lender asked a buyer "is there anything else?" and the answer was not true then a lie has been told. Does that matter? Thanks for clarifying!
Flag Fri Jan 4, 2013
Elizabeth Mo…, Agent, McKinney Tx, TX
Fri Jan 4, 2013
Yes. You should give your lender all your financial information.
0 votes
Kim Nwachukwu, Agent, Irving, TX
Fri Jan 4, 2013
The bigger question here would by why wouldn't you want to share your financial situation with them? They are loaning you additional money and assuming the risk, they have the right to understand your fiscal situation. If the lender asks you if you have shown him all of your accounts, and you tell him yes but haven't, the lender might consider that to be mortgage fraud.
0 votes
Michael Brow…, Agent, Allen, TX
Fri Jan 4, 2013
Hello,

When applying for a mortgage, it is best to provide "all" necessary documents and info that the lender is requesting, it will make the loan process much earlier on you and the lender. I have a list of Dos and Don'ts when applying for a mortgage, if you are not represented by a real estate agent, please contact me and I will provide you that list.

Providing Solutions Because...Your Move Matters!

Michael L. Brownstead, GRI, ABR
REALTOR®
Keller Williams Realty
1002 Raintree Cir., Ste. 100
Allen, TX 75013
E-mail: MBrownstead@msn.com
Cell: 214-872-0400
0 votes
Kenneth "Ken…, Agent, Dallas, TX
Fri Jan 4, 2013
Yes, if you want a loan.

Kenny
Turtle Creek Realty
0 votes
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