Had something similar happen when refinancing last year. Underwriting flagged a random Venmo payment labeled "pizza night 🍕" as suspicious. Had to literally screenshot the Venmo transaction and write a quick explanation email clarifying it was just dinner with friends, not some hidden monthly expense. Felt a bit silly at the time, but honestly, it's reassuring they're thorough. Better to clear up minor stuff upfront than have surprises pop up later down the line...
"Had to literally screenshot the Venmo transaction and write a quick explanation email clarifying it was just dinner with friends..."
Reminds me of a client last year who had underwriting question a recurring $15 payment labeled "Netflix & chill." They genuinely thought it was some kind of hidden monthly obligation. Took a bit of explaining (and some awkward laughs) to clear that one up. Makes me wonder though, at what point does thoroughness cross into nitpicking territory?
Makes me wonder though, at what point does thoroughness cross into nitpicking territory?
Haha, that's hilarious about the "Netflix & chill" thing! I totally agree though—sometimes it feels like they're digging a bit too deep. When we refinanced last year, they questioned a monthly Venmo labeled "pizza fund." Had to awkwardly explain that yes, we really do eat that much pizza... 😂 I get the need for thoroughness, but at some point, common sense should kick in, right?
Haha, the pizza fund thing cracked me up...but honestly, you'd be surprised how often lenders see weird labels like that. They're just trying to cover their bases, even if it feels a bit overboard sometimes. Better safe than sorry, I guess?
Haha, the pizza fund thing is hilarious... but seriously, have you ever had to explain something like that to a lender face-to-face? I remember once having to clarify a payment labeled "Vegas winnings" on my statement. You should've seen the look on the loan officer's face—priceless.
But honestly, do you think these tighter mortgage rules are really helping anyone? I get the whole "better safe than sorry" approach, but sometimes it feels like they're just making hoops for us to jump through. Like, does labeling every single transaction really prevent fraud or risky lending? Or is it just creating more paperwork and headaches for everyone involved?
I mean, I'm all for responsible lending practices, but there's got to be a point where common sense kicks in, right? Maybe lenders could focus more on actual financial stability rather than worrying about quirky transaction labels. Or am I being too optimistic here?
Either way, at least we can laugh about it... and maybe think twice before labeling our next Venmo transfer as "secret spy fund."
