![]() The Role of the Underwriter in the Mortgage Process If the deposit was from the sale of a car, then the funds can be sourced by providing a copy of the check, bill of sale, copy of the title, and deposit slip. That $1,000 cannot be used toward the borrower’s down payment or closing costs. For example, if the $1,000 deposit were a gambling profit, it would be considered unsourced funds. The underwriter will question where that deposit came from. Every irregular deposit is looked at and needs to be sourced. For example, say there is a large deposit of $1,000.Įvery deposit greater than $200 needs to be sourced. Let’s take a case scenario of how underwriters check for irregular deposits. This is because it is a consistent deposit every week or every other week. Every deposit on the bank statements is looked at. Mortgage lenders require 60 days of bank statements. MLO Revenue Share Residual Income Opportunity.How Do I Become A Mortgage Loan Officer.Remote Mortgage Loan Officer Career Opportunities.Training a New Mortgage Loan Officer Without Any Experience.Conventional Loans W-2 Income ONLY Mortgages.Refinancing NON-QM Loans Into Conventional Mortgages.Kingsley Ifezue | Licensed Real Estate Broker. ![]()
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