Can switched bank accounts equal automatic mortgage denial?
December 8, 2009 12:59 PM   Subscribe

Title of bank accounts were switched on mortgage disclosure. We were approved with conditions today. Could I be denied a mortgage for this or is this something easy to fix?

How do I correct a mixup on my mortgage paperwork without being denied?

Biggest mistake ever, I know. I should have caught it and made sure it was fixed like I did for another issue I found.

I was approved with conditions today.
We don't know yet but my guess is that one of the conditions will be that they need formal bank statements.

Here's my problem:

I spoke with my loan officer (weeks ago) gave her account info but the accounts were listed wrong on the disclosure. I have them by me right now and I'm at a loss for what to do.
Example BoA has the balance that Chase should have. The names are switched up. My bank statements line up fine with the amounts so its not that I was lying, they just have the wrong names.

On top of that one account that was mixed up now has less then it did to start but still enough to close and be fine. I could always transfer money into but that would be more paper trails. She did say it was only a snapshot of that time so I'm not worried too much on that.

I'm planning to email her and let her know that we need to get this changed but will this automatically mean we get denied cause it doesn't match up?

Again, I do know this is something I should have caught already. Please don't remind me. I'm having a tough enough month as it is.
posted by grablife365 to Home & Garden (3 answers total)
 
You are guessing too much. Talk to your loan officer. They see this sort of thing happen all the time.

Their main concern is that you have the total amount of money that you claim you have. The specific accounts are unlikely to be a huge concern. So this doesn't sound like the "biggest mistake ever", by any means.
posted by xil at 1:08 PM on December 8, 2009


You'll notice tons of mistakes when you go to close, and have to initial corrections all over the place. But yeah, they can fix pretty much anything.

As for the loan approval, as xil points out, bring it to the lender's attention, but don't feel surprised it they tell you to just ignore it. On my own mortgage application, they had entire people mixed up (I bought with another non-spouse partner) across accounts, and the loan officer said exactly what xil did, they only care that you have at least enough for your downpayment and a few months' cushion for your monthly payments.
posted by pla at 1:18 PM on December 8, 2009


Response by poster: Thanks so much for the information. I've been convinced that everything needed to be perfect and in order to close. I really did not want this messing up due to something as stupid as accounts but now that I see that even people can be confused I'm not so worried now. I'm letting her know right now.
posted by grablife365 at 2:10 PM on December 8, 2009


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