bank accounts: Sourcing a Deposit
- 04/29/14 05:34 AM
Has the Underwriter Asked You To Source a Deposit? One of my most recent clients who bought a home in Richmond VA was self-employed. Because of the nature of her business, she made several large deposits into her bank accounts throughout the month. The deposits were payments from clients. Since they were large and not payroll, the underwriter requested that she “source” the deposits. What Does “Sourcing” Mean? In the mortgage industry, “sourcing” simply means to explain where funds came from (usually with a letter of explanation) and provide documentation to support the explanation. Here are a few examples of deposits you may need to source: Money from the sale of … (12 comments)
Has the Underwriter Asked You To Source a Deposit? One of my most recent clients who bought a home in Richmond VA was self-employed. Because of the nature of her business, she made several large deposits into her bank accounts throughout the month. The deposits were payments from clients. Since they were large and not payroll, the underwriter requested that she “source” the deposits.
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