I have to do LOES for irreular deposits and withdrawls from my business account, checing account and savings account. My question is, how far am I suppose to go back? 3 months, 2 years? Im just not sure
Your MC should have told you exactly what the LOEs are supposed to address. It should also be written out on your action plan that your MC should have handed you during your meeting. You should get a physical copy of an action plan highlighting specific details during each meeting with your MC all the way up through the bank approval (contract on a house and getting ready to close). If you don’t have this then you need to ask your MC. Otherwise the underwriters will continue to ask the same questions until they get the exact information they need which will delay the process. In all likelihood you don’t have to go back 2 years but, you will have to explain EVERY “controversial” transaction and every person will have a unique set of circumstances.
Since you made reference to “business checking”, I assume you are self employed. As such, you are required to provide twelve months of bank statements on all accounts. That in turn means you are going to have to explain all the irregular transactions for the whole 12 months.
I’m sure that’s not what you want to read here, but remember that it’s the extreme detail of this program that makes the whole thing possible.