Had a client once who had to explain a $12 Venmo transfer from her mom—turns out it was for a pizza. Underwriting wanted the whole backstory, like we were solving a crime. But honestly, after all that nitpicking, her loan closed smooth as butter. No last-minute “surprises” like I’ve seen with some non-conforming stuff. It’s a pain, but at least you know what you’re getting into... and hey, now I always ask if there’s pizza money in the bank statements.
Underwriting wanted the whole backstory, like we were solving a crime.
Man, I’ve had to explain a $7 PayPal for “cat food” before—felt like I was on Law & Order: Mortgage Unit. But you’re right, once you jump through those hoops, conforming loans are way less likely to blow up at closing. Would you rather deal with a little paperwork now or a last-minute fire drill? I know which one I’m picking...
I totally get that—underwriting can feel like you’re being interrogated for every coffee run and Amazon order. But honestly, I’d rather deal with a few weeks of document hunting than risk the loan falling apart last minute. Here’s my process: keep a folder for every bank statement, label odd transactions, and just be ready to explain stuff upfront. Anyone else find a system that makes the paper chase less painful? Or do you just wing it and hope for the best?
I’m right there with you—underwriting is a pain, but it beats scrambling if something’s missing later. Here’s what’s worked for me:
- I use a spreadsheet to track what docs I’ve sent and what’s outstanding.
- For weird transactions, I just write a sticky note explaining it and snap a pic to send with the statement.
- Honestly, I still get tripped up by random Venmo stuff...but at least I’m not digging through everything at the last second.
It’s tedious, but being organized up front has saved me headaches. Winging it just stresses me out more.
Honestly, I still get tripped up by random Venmo stuff...but at least I’m not digging through everything at the last second.
Yeah, Venmo and CashApp are like the wild west for underwriters. I swear, every time I think I’ve got it all covered, there’s some $12 pizza split with a friend that needs explaining. I totally agree—being organized upfront is way less stressful than scrambling. I keep a folder on my desktop for docs, but your spreadsheet idea sounds smarter. Conforming loans are strict, but at least you know what to expect... mostly.
