bank asking for personal financial statement

[Chad C.]

A bank that I have 2 mortgages with from 17’ and 18’ has sent me an email requesting an updated personal financial statement and tax returns. I was a little surprised being unaware of my responsibilities to maintain that information with them. Is this the norm?

[Mark S.]

@Chad C. Yes this is normal. Banks have to monitor their loan portfolios to insure they are and will continue to perform as expected. There is a lot of regulatory oversight by the Feds related to this. Knowing the financial status of their commercial customers is part of that.