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Why do mortgage underwriters look in bank statements?
Mortgage lenders require 60 days of bank statements. Mortgage loan underwriters look for irregular deposits, large deposits, and overdraft fees in bank statements. Irregular deposits needs to be sourced. Any irregular deposit of $200 or higher, the mortgage loan underwriter will ask for proof of where it came from in order for it to be considered sourced. Large deposits will be questioned as well. For example, if you made a deposit of $5,000 from a sale of a vehicle, the copy of bill of sale as well as the copy of the check and deposit slip will be asked in order for you to be able to use the $5,000 towards the down payment and closing costs of your home purchase. Here is an article on how mortgage underwriters analyze bank statements.


60 days of bank statements are required from the mortgage borrowers by mortgage underwriters. Underwriters will look for seasoned funds to make sure the borrower has enough funds for the down payment as well as closing costs. Mortgage underwriters also look for irregular deposits, large deposits, and overdrafts. Here is an article on bank statements and the mortgage approval process.



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