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sourcing deposits: How To Source Venmo Deposits for Your Mortgage Loan
- 04/07/15 12:39 PM
How cool is Venmo? A younger friend introduced me to it. There’s a small group of us girls who will go out to dinner once every month or so, and, if the restaurant isn’t of the friendly variety where they will split the check for your group of six or more, you’re in trouble if you don’t have cash. And, I hate IOUs between friends. I never have cash, so I hate paying them. I also do not want to be the cheap one asking for $23.73 three months after our dinner out when my friend forgets to pay me. (It’s so … (1 comments)
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sourcing deposits: 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)
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