Donors Bank Statement on FHA gifts

Posted by admin on December 12, 2014

Due to HUD indemnification requests, going forward, a copy of the donor’s recent bank statement will be required , regardless of how the funds are transferred to the borrower or into escrow. If there are large deposits to the donors account, the underwriters will request source of funds.

We will not change any conditions to approvals already issued. Should loan officers wish to provide the bank statements, they will be accepted. 

Should you have any questions, please contact your department manager.

 

equal-housing-lender-logo-vector.pngData Mortgage dba Essex Mortgage is an equal housing lender. The corporate office is located at 2200 W. Orangewood, Suite 150 Orange, CA 92868 California Department of Real Estate License No. 00936013 . California Department of Corporations #603-G833 NMLS License 70377 Data Mortgage Inc. Member FDIC