LOE

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  • #68303
    padgeta2
    Participant

    Do I need to write Letters of Explanation for ANY deposits or just deposits over $100?

    #68305
    TTrumble
    Member

    Hello 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.com

    • This reply was modified 1 year, 5 months ago by TTrumble.
    • This reply was modified 1 year, 5 months ago by TTrumble.
    #68308
    padgeta2
    Participant

    I 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.

    #68324
    ltooks
    Participant

    @ttrumble does that also apply to cash withdrawal?

    #68326
    Nelsont
    Member

    Yes. All cash transactions above $100.

    Cash leaves no trail of evidence. You need a trail of evidence in order to prove your finances.

    #68334
    TTrumble
    Member

    Hello 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.com

    #68335
    TTrumble
    Member

    Hello 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.com

    P.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.

    #75009
    RBJ619
    Participant

    Greetings @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.

    #76938
    yareda2021
    Participant

    @nelsont and @TTrumble,

    You 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 2 weeks, 1 day ago by yareda2021.
    • This reply was modified 2 weeks, 1 day ago by yareda2021.
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