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Should I be blacking out my account # on bank statements when sending paperwork for pre-approval?

by tim.denni318 from Lake Forest, California. Jun 30th 2016 Reply

Scott Fix (ScottFix)
#1346 ranked lender in California - 184 contributions

Great question. If you are concerned with privacy and security, especially sending over the internet, send documents in the manner needed by your loan officer but only to secure sites suggested by your loan professional. Most lenders are looking for those statement which have your name, address and the banks information as well. To match what you have submitted to your loan professional, leave the last four or five of the numbers in the account number intact. NOTE**** Ask them prior to sending or blacking out anything. It will save you time etc to know their expectations up front. All the best, Scott.

Jun 30th 2016
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

No.. supporting documentation required by the lender cannot be redacted. Understand that lenders are required to comply with "Red Flag" rules which help ensure your documentation and identity is save with mortgage lenders.. Obviously, there are bad apples in every industry, but the government has instituted policies to help protect you. To read more, check out this link. You can take steps to ensure your information is only looked at by your loan officer by password protecting the PDF files you send him. Be sure to send the password in a separate email. . I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714

Jul 1st 2016
Larry Gray (lgray_312_247)
#594 ranked lender in California - 1,139 contributions

Federal regulations for we who are licensed nationally and in our prospective State where we practice mortgage consulting, planning and originating, say we need to point out you do not necessarily need to send your personal documentation for a loan pre-approval. Having said that, there is no question that a mortgage bank or lender is not going to issue a type of "guaranteed" approval pending appraisal and other issues without income and savings documentation! They might issue a "pre-qualification based on trusting all information given will pan out." Of course, sellers want to see something more concrete.. If you are looking for a loan pre-approval that will pretty much guarantee you the loan pending appraisal and inspections, then by all means you may wish to send required documentation to include all pages of bank statements, including the acct. number. However, you want to make sure they have a very secured password system of delivery for you online. But on the other hand, you could black it out for the initial pre-approval and provide it with the account number when documents go to the Underwriter when you are in escrow. Sometimes, people may not use the lender they got their initial pre-approval with and thus will be sending personal documents to the lender chosen for when you go into escrow on a home. I know, I do loans wherein the borrowers were originally qualified by someone else.

Jul 5th 2016
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