Home › Forums › Purchase Program › LOE
Tagged: Please advice
- This topic has 8 replies, 6 voices, and was last updated 10 months ago by
yareda2021.
-
AuthorPosts
-
May 21, 2020 at 10:12 am #68303
padgeta2
ParticipantDo I need to write Letters of Explanation for ANY deposits or just deposits over $100?
May 21, 2020 at 10:24 am #68305TTrumble
MemberHello padgeta2,
Just non-payroll deposits over $100. That having been said, if your bank statements regularly show unusually frequent small deposits, you will probably have to explain those as well. But unless there’s some sort of unusual pattern, you’ll only need to explain ones for $100 and up.
Tim Trumble
Online Operations, NACA
ttrumble@naca.comMay 21, 2020 at 10:29 am #68308padgeta2
ParticipantI am nannying over the summer and make $60 a day, but I only do it about 2 days a week. So I’m wondering if I’ll need to explain those deposits.
May 21, 2020 at 1:36 pm #68324May 21, 2020 at 1:50 pm #68326Nelsont
MemberYes. All cash transactions above $100.
Cash leaves no trail of evidence. You need a trail of evidence in order to prove your finances.
May 21, 2020 at 2:37 pm #68334TTrumble
MemberHello padgeta2,
Yes, $60 twice a week or $120 a week will definitely need an LOE. A single letter should do. Just make sure you label each deposit on your bank statements as being from the nannying job.
Tim Trumble
Online Operations, NACA
ttrumble@naca.comMay 21, 2020 at 2:42 pm #68335TTrumble
MemberHello ltooks,
Yes, the same rules apply to cash withdrawals. All withdrawals over $100 or a series of regular smaller ones should have an LOE.
Tim Trumble
Online Operations, NACA
ttrumble@naca.comP.S. Your workbook won’t say anything about a series of regular smaller deposits or withdrawals, but the pattern will definitely be noticed, so there’s no sense waiting for a condition to come back from the underwriter. Be proactive and get it out of the way.
April 13, 2021 at 3:46 am #75009RBJ619
ParticipantGreetings @nelsont or @TTrumble,
I’m writing the LOE’s for my medical debt and on my action plan it says to include the account numbers. The only things is, they all show up differently across the three credit bureaus when I pulled through annual credit report.com. Even when I go to my accounts through credit karma and Experian’s credit lock service, the numbers show up differently there as well. Basically none of them are coming up the same. I have been asking my MC these questions but he’s on vacay. Any suggestions on this?
Thank you so much for your help guys, you are both such a wealth of knowledge and I appreciate all of your responses.
October 12, 2021 at 10:30 pm #76938yareda2021
ParticipantYou have been advising us on the online forum for a long time.
Today is 49th day since I went to a PS contract.
I tried all I can and my Mortgage Counselor isn’t able to get responce from bank of America.
There is no conditions in my webfile.But, the message we got from the bank read as “Deadline for Remaining Conditions: Pending Items List: Pending Supplemental Addendum “what does it mean?Do you or any one knows what does it mean.Is there any thing required from us?
Can you please reach out sny one who have any idea and advise before I lose my $10,000 money and I will become homeless due to my apartment contract end.
Thank you for your usual help and advice.-
This reply was modified 10 months ago by
yareda2021.
-
This reply was modified 10 months ago by
yareda2021.
-
This reply was modified 10 months ago by
-
AuthorPosts
- You must be logged in to reply to this topic.