A customer provides two months’ bank statements. The earlier of the two statements shows a $5,000 deposit that does not coincide with the applicant’s defined payment schedule. What, if anything, must the loan originator do?
A. Report the matter to his superior and ask for advice
B. Note the observation on the file’s underwriter log
C. Nothing - it’s obviously the applicant’s money and there is no reason to question it further
D. Ask the customer to provide documentation evidencing the source of the $5,000
Answer:D
A customer provides two months’ bank statements. The earlier of the two statements shows a $5,000 deposit that does not coincide with the applicant’s defined payment schedule. What, if anything, must the loan originator do?
A. Report the matter to his superior and ask for advice B. Note the observation on the file’s underwriter log C. Nothing - it’s obviously the applicant’s money and there is no reason to question it further D. Ask the customer to provide documentation evidencing the source of the $5,000