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letter of explanation for mortgage large deposit

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After years of writing about housing risks, I have taken on the ultimate one with a mortgage that will take the majority. Gen Y shouldn’t buy back in 2016 I felt I owed the audience an explanation.

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Writing the Perfect Letter of Explanation Published on April 22, The Underwriter noticed a large deposit in your saving account in June 2014. On the bank statement, it is simply listed as a.

But Chivas says borrowers might be asked to provide evidence and explanation of deposits as small as $100. Do’s and Don’ts. An explanatory letter is unlikely to be adequate documentation, according to Jim Simms, a loan officer at Century Mortgage in Louisville, Ky.

The letter of explanation (or LOE for short) is a common part of the mortgage underwriting and documentation process. Some borrowers panic when an underwriter asks for such a letter, because they think the loan is going to be denied .

The actual reciept from the deposit should have been kept to show that it was XX cash and XX checks and XX foreign currency, but really the lender will be happy to just have some letter that they can put in the underwriting file along with a copy of your bank statement showing the balance.

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What Is a Large Deposit? A "large deposit" is any significant addition of money via cash, checks, or electronic transfer into your checking, savings, or other asset account. But not all large deposits are created equal. The lender won’t ask for more documentation on deposits from obvious sources, such as income from your employer or an IRS tax refund. Your bank statement will clearly show the source of the deposit, such as "Direct Deposit: ABC Warehouse."

"Large" is a subjective term, so to clearly define what is considered large, the following guidelines apply. Sourcing Bank Statement Deposits for Conventional Mortgages For Conventional Mortgages, only deposits that exceed 50% of the gross monthly income will need to be sourced.

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