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If the amount of the deposit matches one's paycheck stub, no further explanation is needed.

Or so you would think. When we refied last summer we were asked about the 2x/month "large" deposits. Wasn't a direct deposit so my (Duh,) "That's our paycheck." still required a written statement. (The "Duh" was implied and silent.) I also had to declare in writing that we had neither owned nor rented the corporate housing we lived in 9 years earlier, because somehow that address was still on our credit history. We also had to state for the record that we owed no money on our vacation home, and document the taxes and insurance, as well as state that there was no HOA. Surprised they didn't ask about water and sewer while they were at it, and no, we did not include that property as an asset. We simply got tired of the hassles of getting a mortgage on that property and negotiated a cash price instead. It seemed as though we were being asked for something or other multiple times a week, even though we emailed them the complete package they had asked for within minutes of filing the application.

No doubt requiring us to submit written statements multiple times a week would have deterred a fraudulent application from someone who would have to lie on those unsubstantiated statements.

PITA, and unnecessary.

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