So here's the situation:
I'm in the processing of buying my first home. For various reasons, I didn't pull funds out of my Vanguard taxable account until I was putting in the offer. So, I have a Dec 31 statement from Vanguard and a February account statement since that's when I sold. My loan officer and underwriter though are pressing me for the January statement. But statements for the account are quarterly unless you make a trade, and I didn't do anything in January. Part of it is trying to "source" the increase from the December statement to the deposit check (...the market went up), and part of it I think is that it's apparently a Fannie Mae loan so there's just a box they need to check that they have a January statement. I've already shared the following:
- Account Valuation statements (doesn't show market gains, I don't think this was shared with underwriter)
- Transaction history (showing there were no other deposits, doesn't show market gains, I don't think the version of this going back to December 31 was shared with underwriter, just transaction history for Feb as part of that statement)
- Balances over time table (doesn't show account number or name)
- Screen shots of balances over time chart (shows name/account number but doesn't give numeric values; included screen shots with hover overlay showing numeric values)
I've called Vanguard about 8 or 9 times at this point (and one time conferenced in the loan officer so she could hear them say there is no January statement), and they are really being amazing within the rules they have. If they could just write an email saying that the balances over time in the screenshot are in fact for my account, that would be ideal, but that's not something they do.
At this point, I *think* we're looking at trying to get all other other conditions of the loan met (should be easy, just needs to wrap up) and then the loan officer alluded to trying to get her supervisor involved to override the requirements of the underwriter, but at this point, I'm not confident in her as a professional. (This has been going on for weeks, in part because she keeps asking me for a "transaction history" which I provided, but it doesn't show where the gains came from ...because it wasn't a transaction... so it took me a while to understand she wasn't actually interested in having the transaction history despite her insistence that I provide this.)
Any one in the industry have any suggestions? Or reassurance that if we just get her manager/someone else involved, they will see how silly this is and approve the loan?
As a note, the home is in a housing cooperative, so there's only a few loan officers approved to work with the community. So while I would have liked to work with someone else, the other approved folks I called had worse financial terms (I think one of them only offered a balloon mortgage, one of them the interest rate was a lot higher with the "but there's no PMI!" claim...).