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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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This is ridiculous
I am sick of underwriting. Everytime I turn around they need something else.
Word of advice if you are going for a loan.
try to to keep one bank account rather than 3, do not make any transfers or deposits over $1000 - and make sure you have direct depost. It's a nightmare trying to explain all this nonsense.
They are being overly cautious these days and need proof of everything. And half the time you give proof they skim over it and aks you for it again...
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Posted 6/9/10 10:21 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: This is ridiculous
Yes that is good advice. If you see yourself buying in the next 3-6 months, it's best to "pool all your money" into one account (while staying under FDIC limits).
Makes underwriting way easier.
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| Posted 6/9/10 10:42 PM |
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Alexandra17
Keep It Positive
Member since 4/09 6262 total posts
Name:
Alexandra (ali)
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Re: This is ridiculous
I know stacey I know..they suck hard
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| Posted 6/9/10 10:47 PM |
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MaZz
* Lovin my baby girl!!! *
Member since 2/09 6243 total posts
Name:
Gina
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Re: This is ridiculous
Posted by staceyums81
I am sick of underwriting. Everytime I turn around they need something else.
Word of advice if you are going for a loan.
try to to keep one bank account rather than 3, do not make any transfers or deposits over $1000 - and make sure you have direct depost. It's a nightmare trying to explain all this nonsense.
They are being overly cautious these days and need proof of everything. And half the time you give proof they skim over it and aks you for it again...
I went through hell with this back in sept-dec... got married the month before this whole process began and had to explain where 18k deposit came from... they wanted to see a copy of every check... it was horrendous... had to even show them my wedding contract for the hall to prove there was a wedding... plus all the transferring we did back and forth was a huge issue for them
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| Posted 6/10/10 7:29 AM |
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2BEANS
wow time is going fast.
Member since 9/07 16106 total posts
Name:
Tina
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Re: This is ridiculous
What loan company? Were about to enter the process that your in shortly..
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| Posted 6/10/10 8:43 AM |
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: This is ridiculous
oh i am so right with you on that one, MONTHS spent tracking down every deposit and expense, etc.
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| Posted 6/10/10 8:50 AM |
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Katareen
5,000 Posts!
Member since 4/10 7180 total posts
Name:
Katherine
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Re: This is ridiculous
Seriously?? I hardly kept any wedding receipts--we would be screwed!!
I hope for your sake this is resolved quickly!
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| Posted 6/10/10 9:08 AM |
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CAMCaps
Live Laugh Love Run
Member since 6/07 4922 total posts
Name:
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Re: This is ridiculous
I am sorry to hear this.
My DH and I must have been very lucky then. Our process was quite smooth.
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| Posted 6/10/10 9:29 AM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: This is ridiculous
wow we didn't have a single issue like this and we have 6 bank accounts! and I don't have DD nor do I even get a pay stub, my boss just writes us checks from his account (but taxes are taken out) I did get a letter from him though.
Its so strange how they do things! I was thinking they were going to give me he!l so I had a photocopy of every single paycheck for an entire year and they only wanted to see 1 months worth, go figure!
I'm sorry they are giving you such a hard time, but know in the end its totally worth it!!
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| Posted 6/10/10 9:37 AM |
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dani731
Blessed!!!
Member since 1/08 3355 total posts
Name:
D
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Re: This is ridiculous
for those of you who are having these issue, how far back does the bank want all this info for? 1 yr 2 yrs?
I want to prepare myself for this. We hope to be ready to buy next year or in 2012.
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| Posted 6/10/10 11:06 AM |
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Cheeks24
Living a dream
Member since 1/08 8589 total posts
Name:
Cheeks
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Re: This is ridiculous
Posted by 2BEANS
What loan company? Were about to enter the process that your in shortly..
It doesn't matter which one, they all do it. We had to deal with this when we bought back in 2008.
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| Posted 6/10/10 11:09 AM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: This is ridiculous
It sucks to deal with but of it helps its not just you.....every bank is same right now
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| Posted 6/10/10 12:04 PM |
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evrythng4areason
And then there were 4
Member since 1/10 5224 total posts
Name:
Kayla
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Re: This is ridiculous
Posted by dani731
for those of you who are having these issue, how far back does the bank want all this info for? 1 yr 2 yrs?
I want to prepare myself for this. We hope to be ready to buy next year or in 2012.
i'd like to know this too..
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| Posted 6/10/10 12:12 PM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: This is ridiculous
Posted by 20mrsc10
Posted by dani731
for those of you who are having these issue, how far back does the bank want all this info for? 1 yr 2 yrs?
I want to prepare myself for this. We hope to be ready to buy next year or in 2012.
i'd like to know this too..
ours only went back a few months.
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| Posted 6/10/10 1:37 PM |
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Deeluvsvinny
DONE
Member since 10/08 4952 total posts
Name:
Whatever
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Re: This is ridiculous
I work for a large mortgage lender, so I'll give you guys a heads up on what you will need:
-1 month's worth of paystubs
-last 2 years tax returns
-last 2 years W2s
-2 months most recent statements of any accounts you will be using to show you have adequate money in the bank.
-any large deposit over $1000 (that's not a payroll) will need to be explained
-If you currently rent- 12 months of canceled rent checks or a letter from landlord stating your rent had been paid on time for the past 12 months
There are other things that may be required depending on the situation. Like if you are self-employed, you'll need A letter from your CPA stating you are self-employed as well as a Profit & Loss statement for your business.
If you collect distributions from a company, you will need your K1 statements.
HTH and feel free to ask me questions!
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| Posted 6/10/10 2:29 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Re: This is ridiculous
Posted by MaZz
Posted by staceyums81
I am sick of underwriting. Everytime I turn around they need something else.
Word of advice if you are going for a loan.
try to to keep one bank account rather than 3, do not make any transfers or deposits over $1000 - and make sure you have direct depost. It's a nightmare trying to explain all this nonsense.
They are being overly cautious these days and need proof of everything. And half the time you give proof they skim over it and aks you for it again...
I went through hell with this back in sept-dec... got married the month before this whole process began and had to explain where 18k deposit came from... they wanted to see a copy of every check... it was horrendous... had to even show them my wedding contract for the hall to prove there was a wedding... plus all the transferring we did back and forth was a huge issue for them
Same with us, we got married in february, we put all our wedding gifts in our TD bank account - but transferred it to our ING account to earn interest on it - then when knew we were buying our house we transferred it back because ING is an internet account and we wouldn't have access to it. It seems to be causing some issues
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| Posted 6/10/10 7:04 PM |
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