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Large deposits

I deposited 3 checks from my Aunts insurance policy which I am the beneficary, do I need to get letters from the insurance agency and the funreal home? 
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April 11 2012 - US
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If you're asking because the lender asked you then yes, absolutely.   If you're just being pro-active then maybe or maybe not.   But, most likely, yes.  Large deposits are something that is up to the underwriters discretion.  So it's kind of "luck of the draw" on what hoops you'll have to jump through on "large deposits".   In my expererience underwriters are erring to the side of caution, and in some cases extreme caution.  So you can plan on needing to document the deposits.   I don't think you'll find anyone on any side of the transaction that "likes" the policy on large deposits.   It tends to be a huge, huge pain.   But, for now at least, it's a necessary evil. 
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April 11 2012

sometimes if the check identified it's purpose in the memo, a copy of the processed deposit with your written explanation is acceptable. You'll need to ask the loan officer or the underwriter on your loan about that. 

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April 11 2012
Most lenders in my area want to see where large deposits came from in order to prove to underwriting that the borrower does not have to repay these funds or are just trying to temporarly inflate their savings accounts. A check stub or a letter stating where the funds came from should suffice.
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April 11 2012
 
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