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What private information is necessary we give to a lender in order to refinance?

We are trying to refinance, and the lender is requesting copies of bank statements. Can I provide just the summary page? They are stating that they need the entire statement, which seems a bit invasive. Any advice would be appreciated by carolngreg75356 from Rush, Colorado. Sep 29th 2015 Reply


Russell Nelson (RNelson)
#87 ranked lender in Colorado - 5 contributions

All assets in an application needs to be your own money and sourced. All pages of a statement shows the deposits and where the money came from. This validates your money as yours and not borrowed. This is required for all conventional financing. You do have the option to not provide them if you are not using the funds in the account for needed cash reserves or closing costs on your loan. You can also provide retirement assets (401K, IRA, etc. ) in place of the bank statements, for most loan programs.

Sep 29th 2015
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Derick Condron (rightstartoregon)
#33 ranked lender in Oregon - 597 contributions

They will need to prove the account information, typically the summary page will not have all the information. A transaction history for 60 days can be provided as long as it has the full account number on it.

Sep 29th 2015
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,106 contributions

It depends. If you are doing a cash out refinance or if your loan amount is covering all of your closing costs you should not have to supply bank statements at all, unless they are needed for reserve requirements. It will depend on your particular loan scenario and what the automated underwriting findings are asking for. Talk with your loan officer and see if assets are needed for your type of loan. Best wishes, Sean

Sep 29th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,788 contributions

Unfortunately, when you ask to borrow from a bank, they have the right to ask for anything they deem necessary to make them comfortable lending you a great deal of money.. And certain guidelines require things like complete tax statements as well as pay stubs and yes, Bank Statements.. You don't have to provide them, but the lender doesn't have to lend you money either.. The rule is, if you disclose the statements on the application, you must support it with the 2 most recent statements, all pages, even if they are blank, and you cannot redact anything.. summary pages, screen shot's, or partial statements are not acceptable. 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 WilliamAcres.com NMLS# 226347

Sep 29th 2015
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Mark Hemingway (SFSLend)
#1 ranked lender in Colorado - 532 contributions

Give me a call and I would be happy to go over this with you. My office number is 303-955-5606. I am the #1 lender in Colorado as ranked by this site. My office is out of Castle Rock, CO but I can assist homeowners anywhere in CO. Lenders and underwriters do need to see each page of a bank statement in order to ensure there are no large deposits that may need to be verified. But lenders and mortgage brokers are required by law to keep your information secure and confidential

Sep 29th 2015
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Jesse Stroup (jessestroup)
#196 ranked lender in California - 589 contributions

The base information you will need to give to the lender is...ID's, SS cards, pay check stubs, W-2's, Bank statements, Tax returns. Now once you go into processing and underwriting the processing/underwriter may ask for additional information.

Sep 29th 2015
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Ron Schwartz (RonSchwartz)
#70 ranked lender in Maryland - 56 contributions

Your lender will require you to submit all items that they are required to verify in order to justify the loan. This will normalliy include at a minimum the following:1. Your photo ID's2. 1 Month of paystubs3. 2 years W-2's 4. 2 Complete and most-recent year's federal tax returns.5. Asset statements as shown on the loan application will be documented in most cases with 2-Month's of statements.These may seem invasive. But as long as your lender and loan officer is licensed your privacy is protected by several federal laws under which the lender and loan officers are bound to protect the information.Under new laws...your lender should not require such documentation until you have agreed to proceed with the loan application. That way you can review the offers before asking to be approved for them. And then you will acknowledge that you are, in fact, the person or persons who have applied for financing before submitting the requisite documentation.While documentation requirements may vary by lender...this information should apply to the broad majority of lenders and loan programs in the market today.I'm sure my colleagues would concur.Best, Ron SchwartzHope that helps,

Sep 29th 2015
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