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Internet Bank Statements

These days, technology can sometimes interfere with real life needs. Take for example the full documentation loan. All loans require a borrower to supply asset information, such as 2 consecutive months of bank statements. For most people, this can become a problem. Banks these days offer Internet banking and no longer provide consumers with bank statements through the mail.This paperless system is environmentally sound and makes sense for today’s,
“Moving at the speed of technology”….

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Bank Statements on the Internet

If you are applying for a loan, whether it’s a refinance or a purchase; you are going to run into some problems when the request for bank statements comes up.You need to make sure that you know how to access and print copies of your bank statements.Many of today’s banks allow you to choose between two types of bank statement printouts. There is the PDF, “Printer friendly version” which basically looks like the ones you used to get in the mail. And then there is a “ HTML ” version.p

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PDF vs. HTML

What makes this “HTML” bank statement print out different is the way that it appears when printed. At the bottom of each page, there will be a series of computer code that identifies the owner of the account; and that person was using the Internet to access the statement online. This code is important to the Loan Company handling your loan and ultimately the underwriter who is going to review the statement.

In summary, it’s not that one statement is better than the other; it is more important to ask your Loan Officer which type of bank statement printout is being requested. All banks vary on this subject, but having the consumer aware of this request is more likely to save valuable time and stress during the loan process.

Ask Loan Officer 911

Got a Loan Question? For Loan Purchase or Refinance questions, please send us an email to: RJ@LO911.com and we will post your question and answer it here on our Blog. You can also access Loan Officer 911 at our website by clicking here