Loan Officer Demands Proof Of Hundreds Of Cash Deposits, So Business Owner Delivers Over Seven Hundred Photos In Response
by Heather Hall
Not every job involves neatly organized pay stubs or direct deposits, and that can make certain processes, such as applying for a home loan, a little trickier.
So, what would you do if your bank demanded proof of income for hundreds of cash deposits from your business?
Would you find a concise way to get the info to them?
Or would you submit it one receipt at a time?
In the following story, one business owner finds themselves dealing with this exact request.
Here’s how they handled it.
Proof of deposits for home loan…you asked for it
I own a Flea and Farmer’s market, all cash from booth rentals.
I’ve been in business for 40 years, and it’s a S Corp business.
I’m buying a home, and they can’t understand why I’m making large cash deposits and want proof of some of the deposits.
You got it!
Be careful what you wish for.
We use a standard 4 receipts per page book and get a lot of 10 and 20$ receipts.
To give them what they want, I separate every page into single receipts, take pictures, and upload them to the loan company—over 700 pictures total.
The loan is approved.
Going through those photos must have taken a long time.
Let’s see what the fine folks over at Reddit had to say about this.
A criminal attorney went through a similar process.
This person compares buying a home to an invasive exam.
According to this comment, there’s a lot of money in the flea market industry.
Here’s advice from a mortgage underwriter.
Yet another underwriter offering insight.
You gotta do what you gotta do – and it’s not always pretty.
Glad he was able to provide all the receipts and get his loan approved!
If you liked that post, check out this post about a woman who tracked down a contractor who tried to vanish without a trace.
Categories: STORIES
Tags: · farmers market, flea market, home loan, loan officer, malicious compliance, mortgage underwriter, picture, proof, receipts, reddit, top
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