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Asset Documentation

Asset Documentation

Securing mortgage approval and satisfying mortgage guidelines is no different than it has been in the past.  You need to have good credit and stable employment, plus sufficient income and assets to support your credit file.  However, now more than ever it is just as important that we are able to document all aspects of your credit profile on paper. 

Documenting asset statements has become much more than providing 1 to 2 months of account statements and looking at the ending balance.  In today's lending environment we are required to document all deposits, transfers, and proof of liquidation of any stocks, bonds, or CD's.  We also must document and explain all non-automatic payroll deposits that appear during the time frame of these statements. 


Documenting large deposits (defined as greater than 50% of total gross monthly qualifying income) requires:

  • Letter of explanation stating what these deposits are

  • Documentation showing what these deposits are, including:

    • Copy of checks being deposited    

    • Bill of sale and copies of checks for items sold

    • Deposit slips for these transactions

  • FHA loans require that donor's bank statements will be revised for recent non-payroll deposits


Transferring funds from one account to another requires:

  • 30 day account history for the account that funds were transferred from

  • Explanation of all deposits in the same manner


Liquidating stocks, mutual funds, bonds or certificates of deposits requires:

  • Documentation that these assets were sold

  • Documentation that they have been converted to cash


Gift funds require:

  • Completion of gift letter

  • Copy of the check and/or receipt for wire transfer

  • Documentation showing deposit of gift funds deposited into your account (funds must show as available funds)

  • FHA loans require proof of funds available from donor and also document transition of funds from donor to borrower


Helpful hints for asset documentation:

  • All statements must include 30 days of transaction history

  • Be sure to include ALL pages, if a statement says 1 to 5 pages, it must be all 5 pages (even if they are blank)

  • Online statements are acceptable provided they include your name and full account number

  • Online statements must include the URL (web address) on the printout

  • Funds to close must come from the same verified accounts provided at time of application

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WMS Series LLC NMLS ID 713524
WMS Series LLC/WMS Online NMLS ID 1130
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