HOW TO SUCCESSFULLY GET A MORTGAGE NOWADAYS

If you’ve traveled in an airplane recently, you probably went through a security check at the airport.  These security checks are required by a federal law called the USA Patriot Act.  This very same law has a provision that requires mortgage companies, banks, and financial institutions to document your source of funds when you buy a house or refinance a mortgage.  In short, the US government has recruited mortgage lenders in its fight against terrorism!  In fact, lenders are required by law to ask you for:

• The exact source of funds used for your down payment and earnest money deposit. This includes where the money came from, how it got there, when it got there and why it got there.
• If you have large deposits in your bank account: where the money came from, how it got there, when it got there and why it got there. Large deposits can be classified as any deposit representing 10% – 20% of your normal monthly income. For example, if you earn $10,000 per month, and you had a deposit for an additional $2,000 in your bank account last month, the mortgage company may be required by law to ask you to prove exactly where that money came from, how it got deposited in your account and why it was deposited there in the first place
• If you’re selling investments to get funds for any reason related to the home purchase, you’ll likely be asked to document: [1] precisely which stock(s) or bond(s) you are selling; and [2] whether the trade cleared and when exactly the funds from the investment sale got deposited into your account.

Also, be sure to provide:

• Last two months bank statements (all front and back pages) of any account where you’ll be using the money for a down payment and/or earnest money deposit; and,
• Explanation of any large or irregular deposits in those accounts

Separately, I’ll send you a checklist of documents that are specifically required for your loan program.  Please reach out to me with any questions.  My goal is to make this a 5-star experience for you!

Source: CMPS Institute

Carrero Mortgage Advisors, LLC NMLS# 1734670 is an Equal Housing Opportunity Lender. © Copyright 2019 and is headquartered at 3600 Red Road Suite 310, Miramar, FL 33025. All rights reserved. Nationwide Mortgage Licensing System (NMLS) Consumer Access Web Site: www.nmlsconsumeraccess.org.

Figure: 7 TAC 80.200(b)

“ANY CONSUMER WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT-OF-POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.“