Lender is asking for 2 yrs of records on refinance after 6 months

[Frank S.]

Hi there,

I am refinancing a cash purchase after 6 months.  The lender is asking questions about transfers between accounts and 2 year records for others. I don’t recall having to do all this work last time I refinanced a property.  That previous propery was also a cash purchase but I waited a full year to refinance.  

This is not “delayed financing”,  as it will be over 6 months when we get their check.  Is it normal for a lender to dig so deep in my finances? Two years is going to be a tough one, I have opened and closed many accounts, and moved money right and left during that time.  I don't even think I can figure out the "paper trail" for two years myself! 

Could it be that this person is confusing the delayed financing requirements?   I will certianly ask them the question, but I wanted to check with BP first so I can get some insight on this.

Thanks, 

Frank

[Jay Hinrichs]

Originally posted by @Frank S.:

Originally posted by @Chris Mason:

That's super weird. I'd get a second opinion from another lender looking through all the standard (eg, not 2 years of bank statements) paperwork. Are they trying to derive income from the bank statements because there isn't enough on tax returns?

Thanks for the message.  

It's not about income.  I can pay the mortgage without tenants, that's not an issue.   

I think they want some sort of trail of the funds used to buy the place cash six months ago.   If so, I can probably  pull account statements from before the purchase.   That's fine, but two years is a lot.   

This is not delayed financing. I didn't know that was also part of the refi.  I thought they only needed to see cash reserves.

Curiously, I don't recall any of this on the other property.  I used the  the same lender. 

I'll get on the phone with them.

Thanks, 

Frank

just provide the settlement statement where it shows you paid cash.. then on that day of settlment you probably wired money in to close since no one allows checks anymore..   ?????