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I wonder if someone could get legally get away with finagling this into a large bank loan, particularly from a bank with a partially or fully automated applicat
by buu700 5y ago
I wonder if someone could get legally get away with finagling this into a large bank loan, particularly from a bank with a partially or fully automated application process.
"Oh sure, here's my 2021 year-end statement (no additional comment)." (Let's just assume for the sake of argument that the money was left in the account long enough to be reflected in a statement.)
- deleted 5y ago[deleted]
- duxup 5y agoAges ago when I had to put actual paper statements together for a loan they wanted several statements. I assume because someone could just get friends to loan them money, show one statement, and pay their buddies back. The statements didn’t even seem that important to the bank anyway.
- cmeacham98 5y agoI'd be pretty surprised if the bank didn't have some generic term in loan contract along the lines of "the information/papers I gave $bank for this loan is accurate to the best of my knowledge", in which case you'd be explicitly defrauding them.
- adrr 5y agoLying on a loan application is bank fraud.
- refurb 5y agoMortgage company wanted 3 months of statements to show the money wasn’t recently deposited.
- PragmaticPulp 5y agoLook up “seasoned funds”. Banks learned long ago that they need to trace the source of funds and confirm they’ve been in possession of the person for a long time before assuming it’s actually theirs. Otherwise people would get ultra-short loans from friends and family or even other moms and pretend it was their own.
- wumpus 5y agoThe one time I got a mortgage, I was saving an unusually high % of my salary. After the mortgage company got a look at my bank account, they were nervous that I was possibly getting extra money from somewhere, and demanded a larger downpayment. Fortunately, I was able to hit that number by continuing to save at the same rate. As they say: don't be unusual.
- jdavis703 5y agoThe banks are going to require you provide an explanation and documentation for where all funds came from for the past several months. Besides they’re going to be looking at your annual income anyways — one time cash drops are only useful for making a larger deposit. But they’re not dumb enough to use a one-time infusion to calculate your debt to income ratio.
- errcorrectcode 5y agoOnly banks and corporations are allowed to monetize float. Better off to start a bank.