Bank Statement Print-outs and EMDs

In this very strict market, underwriters are flagging everything. One item I have seen a lot of recently is customers turning in bank print-outs. There is nothing wrong with them, as long as they have a few key items. If they can printed on letterhead, that would be great. If not, please make sure you have a bank representative stamp, date and sign it the print-out. Also, please make sure they circle key information, like your account number, or your SS number. If you are using the print out to source and verify an Earnest Money Deposit, please also circle the EMD.

Please be aware, when you submit a bank statement for an EMD, banks will require a corresponding bank statement to show the check has cleared, and also that you have enough to cover any remaining closing costs or down payments. They will also require a copy of the cancelled check, a front and back copy.

These are just 2 of the items you need to prepare yourself on a purchase. I know the loan approval process is getting stricter, but I believe if you and your LO take the time upfront to go over the process, the new rules and guidelines and COMMUNICATE, you will have a smooth and successful transaction.    

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