Tagged: Intake appt
October 7, 2019 at 8:04 pm #60995
My intake appt is coming up in Feb and I have been reading in the forums that the MC will question deductions from our bank accounts that are over the amount of $100. My childcare expenses are over $100 each week and charitable donations are also over a $100. I pay all these by check. My bank statement does not indicate who the check is written out to. Will this be an issue at our intake? If so, what is the best way to handle? Do I need to get copies of the cancelled checks?
Thanks for any suggestions!October 7, 2019 at 10:21 pm #60997
I don’t know the amount it’s either 100 or 500 I’ve seen both. Really it’s large unidentifiable transactions. If bank statements or transaction history print out does not show the identification then having the canceled checks will help. It probably won’t negate the letter of explanation requirement though.
The LOEs are a combination of an affidavit and a plea to the underwriters to accept that circumstance so unless they can visually see everything without making assumptions or trying to connect the dots they will want it in writing.October 7, 2019 at 10:49 pm #60999
Should I have LOEs ready and bring them the day of the intake to help speed the process? Should I also bring the copies of the cancelled checks for the intake?October 7, 2019 at 11:11 pm #61002
Couldn’t hurtOctober 8, 2019 at 11:37 am #610112BLESSEDMember
I got qualified a couple of months ago from the Los Angeles office. My experience was that I had to write a LOE for every transaction that was over $100; this included debits and deposits. It was very time consuming and I felt monotonous at times but it was worth it. It also allowed me to be more frugal with my/our spending so we didn’t have to write the LOE’s but sometimes it cannot be prevented. If the funds are not being transferred from me and my spouse’s account we had to explain. Hope this helps!October 8, 2019 at 12:16 pm #61013
Thank you. Yes, it helps. I’m to assume that I cannot write one letter listing all the childcare expenses for each month with corresponding check numbers? Sooo…I have to write an individual letter for each transition?? Oh my!
I could totally understand how time consuming and monotonous that could feel. This definitely helps.October 8, 2019 at 12:24 pm #61014
Your MC will highlight exactly what is needed. Generally speaking the LOE’s are for specific transactions. As I mentioned above the underwriters will not assume or connect dots. You cannot tell them something like I pay my daycare $100/week via check because then they would have to take your word for it that each transaction is exactly for that. They need to actually see what each of those transactions are and if they can’t actually see it then they need each one explained.
Buying a house is not easy. But Naca gives you the tools to set yourself up for success. As @2BLESSED said it was worth it.October 8, 2019 at 5:34 pm #61027mrmMember
Another thing to take with you ahead of time is to pull your credit report ahead of time and see if there is anything on there that is unexpected and get some LOE’s prepared ahead of time. Otherwise they could potentially be on your worksheet.
They have several LOE examples you can use as a template.October 9, 2019 at 8:17 am #61038amydkMember
I had to write an LOE for every transaction that was cash. It didn’t matter the amount. At intake my MC gave me an example/template of what the letter looked like. He asked me to write a letter for each month(just the last 3 months) and list each transaction with an explanation.
I had a lot of random small cash transfers. My daughter is 17 and I was transferring money for gas and food to her. Also, my ex husband venmos me money to pay for stuff for our kids. So these were the ones that were an issue for me.
So it may help before you go to intake to make a list of these transactions.October 9, 2019 at 8:31 am #61039KlassyMember
Keep copies of the cancelled checks and write a letter of explanation… In your letter make sure it has the transaction date, amount, what it was for, and your signature. Make sure you email everything to your MC and bring hard copies to the meeting.
I closed in September and my MC wanted letters for every non payroll related deposit and withdrawal in excess of $200. I ended up submitting a letter for each of the past three months.October 9, 2019 at 5:13 pm #61153
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