“For example, they typically ask for a couple months bank statements but make no effort to determine if there are additional bank accounts. They also do not ask for retirement accounts or brokerage account statements as a matter of course”
I mean, how close to the fraud line are we here? (no offense to you). The lender may be incompetent, but isn’t there some part in the applicaton where the seller signs under the statement “these are all my assets, to the best of my knowledge”?
I mean, I never keep more than a few thousands in my checking account. And yet, like many people nowadays, I have substantial assets elsewhere. I would feel extremely uncomfortable providing a couple of statements and claiming that’s all the money I have. I’m no lawyer, but this sounds like fraud to me.
