Posted by Lm on April 25, 2002 at 12:47:00:
nt
Loan officer wants bank statement! - Posted by matrox
Posted by matrox on April 25, 2002 at 11:59:27:
Hi, am prequalifying myself for a home loan. My loan officer says some of the documents I need are 3 past bank statements. I dont have a problem with this but does he need my actual account number. I feel more comfortable scratching out the account number so no one can see it. Does he really need this? If so I would rather give him the statements with the numbers scratched out and provide the account number on a separate sheet of paper. Any ideas on this or am I just being paranoid?
Re: Loan officer wants bank statement! - Posted by Michael
Posted by Michael on April 25, 2002 at 16:42:46:
Typically, lenders will trade fixed rate mortgages on the secondary market. As a result most fixed rate programs will require the same documentation.
- Last 2 most current pay stubs
- Last 2 years w2?s
- Last 2 years 1040?s if self employed or own investment property
- Last 3 months bank statements
You may be able to avoid providing some or all of these documents by going with a portfolio type loan product. These are typically adjustable rate products though. Recently with the introduction of automated underwriting systems the amount of documentation is being reduced, especially if you have higher credit scores. As automated underwriting systems get more and more sophisticated there will be a higher adoption rate of these types of systems, and at some point the entire process may become far more efficient.
Re: Loan officer wants bank statement! - Posted by David H
Posted by David H on April 25, 2002 at 14:20:44:
How do you plan to keep him from knowing your loan account number?
Re: Loan officer wants bank statement! - Posted by KimW
Posted by KimW on April 25, 2002 at 12:27:57:
Depends on the type of loan you are going for. If you are willing to pay a higher rate, then you might not need to provide the statements / account numbers. Otherwise, 6 to 12 months is what I see to be the standard. Hope this helps.
Conspiracy! What next…2 recent pay stubs???(NT) - Posted by Brian M. Powers(MI)
Posted by Brian M. Powers(MI) on April 25, 2002 at 12:10:52:
~
Re: Loan officer wants bank statement! - Posted by Joe
Posted by Joe on April 25, 2002 at 12:05:01:
Yes, you’re being parnoid. There are times when you have to disclose personal info, and times to hide it. This is a time to disclose it.
Conspiracy! What next…2 recent pay stubs???(NT) - Posted by JohnBoy
Posted by JohnBoy on April 25, 2002 at 12:19:19:
NO! THREE PAY STUBS and at LEAST TWO YEARS OF TAX RETURNS OR W2 FORMS!!! LOL