Why is my mortgage lender asking if my checking account and bank accounts have been seasoned? This is all as result of the crash and the Dodd-Frank bill and that there’s any number of requirements now, the lenders to make sure there’s no fraud involved. They want to make sure that this is your money and they want to know the source of it, so that someone just doesn’t lend you the money temporarily and you put it in your account a day or two before the closing to show that you have sufficient funds. It’s getting more difficult to get a loan, and sometimes a gift of equity or a gift of the deposit, is something that’s going to be scrutinized by your lender.
So that is the reason for the lender to ask if your account has been seasoned. They are checking on everything as a result of the oversight and the underwriting requirements after the real estate crash and all the problems involved and it’s to try and avoid any kind of fraud involved. So going through and obtaining a mortgage now from a conventional lender is very time consuming and tedious mainly because of the additional regulations that have been imposed on the lenders in this particular market.
So if you have any questions about your loan and the closing process, well give me a call at 727-847-2288.