Keywords: Escrow account; Impound; Tax & Insurance; Reserve
The bank statement is a product that estimates a borrower’s income by analyzing deposits in the account. It use DTI to qualify like conventional loan.
This category of products can be divided into two categories:
Business bank statement and Personal bank statement
1. Business bank statement program is the first choice of most customers, because business bank statement is for gross income. That is to say, even if the customers provide a personal bank statement, as long as it’s not determined to be net income, they can only choose the business bank statement program and indicate the business deposit. The gross income has to be multiplied by some coefficient to get net income.
2. Personal bank statement program is for the net income, and use 100% deposit as income. In order to prove the net income, the customer needs to provide documentary evidence. The most common document is the business bank statement, which showing the deposit is from the business bank statement and put into person bank statement. This deposit is the net income.
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Post time: Jan-20-2022