Large deposit into bank account

[V Krishna]

Hello,

I am in contract with an investment property and the under writer is asking for source of deposit on large deposits into my account 3 months ago. The deposit was from loan returned by my own brother that i lent him over the period of 6 years for his education. I have provided the statement from my brother with deposit amounts, however the under writer now wants the proof of statements when i lent him over the period of 6 years. The money was lent in small chunks several times and i dont have paper trail of every transfer. Would a letter from my brother explaining all this work ? Any other way to deal with a situation like this to prevent from loan getting rejected ? Any advice is greatly appreciated.

[Guifre Mora]

Originally posted by @V Krishna:

Hello,

I am in contract with an investment property and the under writer is asking for source of deposit on large deposits into my account 3 months ago. The deposit was from loan returned by my own brother that i lent him over the period of 6 years for his education. I have provided the statement from my brother with deposit amounts, however the under writer now wants the proof of statements when i lent him over the period of 6 years. The money was lent in small chunks several times and i dont have paper trail of every transfer. Would a letter from my brother explaining all this work ? Any other way to deal with a situation like this to prevent from loan getting rejected ? Any advice is greatly appreciated.

It's up to the UW to have satisfactory proof or explanation. The best way would be to ask the UW what would they consider as satisfactory proof. Talk to the LO or Broker of the lender to assist you in this. 

At the end of the day, it's upon yourself to prove that this money is not being borrowed.