NY AG indicts Trump family

[elysiantraveller]

Originally Posted by davew

What states allow property owners give them property values for taxation??


TRUMP has said he will not settle because it would be like admitting he did something wrong.

I'm not referring to property taxes.

[chrisl]

Originally Posted by elysiantraveller

That would have been AML. (Anti-Money Laundering)

We have to source any deposit greater than 50% of Gross Monthly Income if it's going to be used in a transaction.

That's the baseline rule.

Some lenders are more rigorous than others on that though. The lender can just deduct it from the funds necessary to close. A UW could also ask for a letter of explanation if there were several and they were curious.

Mine wouldn't but we have a different thing we ask for that annoys the shit out of me.

I did have to write a letter of explanation. It seemed like no one had a clue about horse racing or betting on horses.

[elysiantraveller]

Originally Posted by chrisl

I did have to write a letter of explanation. It seemed like no one had a clue about horse racing or betting on horses.

Yeah...

Honestly, it's not terribly surprising. Had nothing to do with you personally just draws the underwriters curiosity and they want something in the file for if/when the lender goes to sell it.

Most of my underwriters wouldn't ask for it. Our favorite is a letter of explanation for increasing income. Freddie requires it if pay has increased by 10% from the previous calendar year. However, most of the time that is bonuses/commissions/etc.

Whenever possible I qualify people on their base salary/hourly wage so it's irrelevant... I'm not using the extra income.

Doesn't stop them from making me asking the dumb question back to my borrower and annoying the fuck out of me/them.