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Alex Esquire
Alex Esquire, Attorney at Law
Category: Real Estate Law
Satisfied Customers: 16546
Experience:  Experienced Licensed Attorney / Real Estate Law Mentor
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I am applying mortgage, and my prospective lender asked

Customer Question

I am applying for a mortgage, and my prospective lender asked me for bank statements - which I provided. There are a couple of transactions in the statement (~10k each) so now he wants the statements from the 'source' accounts for those transactions. I had already provided more than enough evidence for a down payment and paystubs etc. I asked why and he said it was 'Dodd Frank requirements'. Is this really true and do I have to provide all of my statements? It just feels like data mining by the bank.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Alex Esquire replied 1 year ago.
Hello. My name is***** am a US licensed attorney and I will be happy to answer your question.I am sorry to hear about this unfortunate situation.Please note, I cannot comment on your specific situation, as this services is only limited to general information and for any legal advice / legal service you should contact your local attorney.Yes. The current law which is designed to protect consumers from predatory lending and also prevent money laundering, would require a potential applicant for mortgage to provide documents to explain any unusually large transaction on their bank statement, including the source of the funds or otherwise the mortgage lender can deny the application or even refer the matter to authorities for further review and investigation of any suspicious banking activity.I wish you the best of luck!
Expert:  Alex Esquire replied 1 year ago.
Please let me know if you have any related follow up questions?If not, please positively rate and accept my answer, so I can be compensated for my work.Thank you.

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