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Bank Statements

Discussion in 'Wells Fargo - American Servicing Company (ASC)' started by cnd5v1, Jan 10, 2010.

  1. cnd5v1

    cnd5v1 LoanSafe Member

    Good morning, call someone explain to me why bank statements are requested for loan modifications. Thanks in advance
  2. stillhoping

    stillhoping LoanSafe Member

    I believe it's part of the HAMP guidelines. They want supporting documentation to verify your income - amount deposited monthly into your account. (That is what my paperwork said last month.) So I actually circled my check deposits and only provided page 1 and 2 of the statement; the summary, and page 2 with the deposit.
  3. timmywit

    timmywit LoanSafe Member

    They want to re verify your income, expecially with those that are reciving unemployement, SSI, Disablity.
  4. Littlelost

    Littlelost LoanSafe Member

    Timmywit,
    Do we have to provide bank statements of all banks that we own or only ones that provide information regarding income?
  5. ItWillWork

    ItWillWork LoanSafe Member

    According to everything I've read on this forum unless you have a good amount of money, like thousands to show you have enough to pay the upcoming payment, I wouldn't give them other bank accounts. You need to be careful you don't have too much money, or they'll deny you, or delay to try to get that money.
  6. MyHAMP

    MyHAMP LoanSafe Member

    Nope - they are not a part of the guidelines and weren't requsted during our mod.
  7. Littlelost

    Littlelost LoanSafe Member

    Thanks ItWillWork!.
    We do not have that kind of money .. we only have probably couple hundred dollars more than 3x of monthly payment but we don't want them to find out .. it comes handy since I can't find full time job right now!..
  8. Clearing

    Clearing LoanSafe Member

    I do not believe bank statements are part of the HAMP guidelines either. PNC never asked for bank statements when they put me on the HAMP trial. They only asked for paystubs or P&L statements if self-employed.

    However bank statements may be part of the servicer's own guidelines?
  9. LRS_2

    LRS_2 LoanSafe Member

    Ironically, 3 is the magic number they are looking for. If you have three times your payment available in liquid reserve, they may eliminate you because you "don't need assistance" in their eyes. I think I would find a legitimate ;) way of "depleting" that reserve, just to be proactive.
  10. litton nightmares

    litton nightmares LoanSafe Member

    Sort of like when you get the mortgage you have to PROVE the income is coming in. I resented it because they did NOT state at the outset that they were requiring bank statements, and then they stated it was JUST to see income, so I JUST printed out the deposits. THAT wasn't okay with them. I printed out the whole thing and sent it in. Problem was there were TWO checks that were NOT income. I had to show them that those checks were NOT income. We went round and round some, but they seemed to finally agree that those checks could NOT be counted as MY INCOME. I just think if they stated in ADVANCE, I could have avoided the whole problem. The other issue I had was that it happened to FALL on a month where there were THREE pays, instead of the USUAL two. I did point that out, that I get paid every other week, and that NORMALLY my statements do NOT show THREE pays, but TWO.
  11. LRS_2

    LRS_2 LoanSafe Member

    Looks like they updated their protocol. I just looked at the Fannie Mae MHA site and they now show this:

    Use this checklist to ensure you have all the information you will need when you speak to your mortgage lender or housing counselor:

    • Most recent income tax return with all schedules and W-2s;
    • Two most recent bank statements;
    • Two most recent pay stubs (if you receive them) or documentation of income you receive from other sources;
    • Monthly mortgage statement showing the mortgage lender information and mortgage loan account number;
    • Information about other mortgages on your home, if applicable;
    • Account balances and minimum monthly payments due on all of your credit cards;
    • Account balances and monthly payments on your other debts (such as student loans and car loans);
    • Estimates of other monthly expenditures (such as utility bills, food expenses, insurance payments, and entertainment expenses);
    • It may also be helpful to have a hardship letter describing any circumstances that caused your income to be reduced or expenses to be increased (job loss, divorce, illness, etc.), if applicable.
  12. johngor

    johngor LoanSafe Member

    I am fairly sure they changed this policy. In the initial package BoA did not request bank statements but I got a call to fax 2 months in. I was told it is a new policy according to the HAMP guidelines, however this could be a mix with me reciving unemployement and then need to verifiy.
  13. MyHAMP

    MyHAMP LoanSafe Member

    I'm sure that this list was created to ensure a timely processing of your application. The bank statements are mentioned because a) many servicers want to see them and b) because they are sometimes used as proof of other income (i.e. almony etc.). The guidelines still don't REQUIRE bank statements. Same applies to account balances and monthly payments on your car or CCs - they check that on your credit-report but you certainly don't have to send them your CC-statements.
  14. jtg100s

    jtg100s LoanSafe Member

    Very interesting, we just had to fax over our last 3 months bank statements as proof of income and my husband was NOT happy with that because it shows our activity and we had just sold a car and the balance looked high (which it never is). I sure hope they don't try to say we have to much in our account. if they would just look at the outgoing bills etc. and calculate (like they asked us to do on the financial worksheet) they would see it's an ugly situation at the end of every month. I am guessing we will be denied a Hamp because our investor, i discovered is HSBC Bank. I did pour over the prospectus and there are some loopholes for WF as the Master Servicer to modify. Again like i said in another thread that no one has responded to NO ONE in our 2005-AR10 group has modified. Is this bad? Sounds bad to me. If anyone could help that would be great.
  15. macbook1

    macbook1 LoanSafe Member

    So in my case, I have money coming via rent under the table, and another $600 a month coming from family to help pay the ridiculous payment I am trying to pay after divorce. How do I deal with that? Claim that it is 'gift money' to temporarily help me sustain paying the house payment on time? Or am I going to have to go for it on my own, only paying what I can afford and let my credit score go down the tubes just so I can qualify for a mod? It will all show up on my bank statements!

    Macbook1
  16. LOOKING

    LOOKING LoanSafe Member

    what does cc mean ???

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