Today’s REI Classroom Lesson

Kelly McDonald explains how to best gather and provide information needed to the loan officer and underwriter.

REI Classroom Summary

By providing full bank statements, explanations of large deposits, and other necessary documents, you’re making it easier for the loan officer and underwriter and therefore, getting you your funds quicker.

Listen to this REI Classroom Lesson

Real Estate Investing Classroom Show Transcripts:

Announcer: Welcome back to the REI Classroom, where experts from across the real estate investing industry teach you quick lessons to take your business to the next level. And now, let’s meet today’s expert host.
Kelly: Hi, I’m Kelly McDonald. I’m the Vice President of Sales here at RealtyShares, and today, I’m excited to talk to you about how to send a great file to your loan officer, and more importantly, the underwriter.
Announcer: This REI Classroom real estate lesson is sponsored by, FlipNerd’s private investor coaching program and your blueprint to investing success.
Kelly: So here’s the thing. You’ve decided to go with a lender. You know you’re ready to make the commitment, move forward, and you’re gathering up your documentation to do so. I can’t tell you how often we get the documentation in from borrowers who have a ton of experience and have done a lot of loans in their lifetime, and when the documentation comes in, some of it is like written on the back of a napkin. This is a true story.
We really need you to have all of your documentation in the templates that you’re given, whether it’s through RealtyShares or anyone else. Everyone has their forms. Or at least in something like a spreadsheet showing the information that is needed, because remember, ultimately, your loan officer is going to dig through this file and then try to put together a really good presentation for the most important person in this project to look at, which is the underwriter.
And as the underwriter looks through, they’re trying to get a sense of who it is that they’re going to give money to. Now, remember, we’re not talking about $50 that they’re going to lend. Sometimes, they’re going to be lending up to $3.5 million. And so, it’s very important that, when they are taking a look at you on paper, you look fantastic for them to give you money.
And so think about things like, for example, your bank statements, having all pages of the statement, even the page that says, “This page is intentionally left blank.” That page is important to an underwriter. It lets them know that nothing’s missing, nothing’s being hidden in terms of where is the money coming from.
When there are large deposits, give a little narrative about how did you suddenly get $80,000 into your bank account yesterday. They’re going to want to know where it came from, and sometimes even see the paper trail from that. This is going to help them make sure that they’re adhering to anti-money-laundering laws, as well as where their credit box requires them to source funds to.
And also, things like your track record. Make sure that you’ve filled out not only the correct addresses, but the correct dates of purchase or correct dates of sale, how much you actually put into it. Remember, all of this information gets verified, and the easier it is for someone to verify it, check that it’s right, move it on to the next one, the faster you’re going to be approved and cleared to close.
So I want to thank you today. Remember, put your documents in order. Get everything nice and tight before you send it in to your loan officer. Make their life easier. Make your underwriter’s life easier. Get your money faster.
I’m Kelly McDonald. I’m the Vice President of Sales here at RealtyShares, and my email address is [email protected] I look forward to hearing from you. Thanks.
Announcer: Are you looking to change your life through real estate investing? If you’re interested in either getting started or taking your business to the next level, please check out FlipNerd’s private program at This is the most robust real estate investor coaching, networking, and mastermind on the planet, and designed for your success.
If you’re ready to roll up your sleeves, ready to take personal responsibility for your own success, and ready to dive into a world-class instructional coaching program that provides you step-by-step instruction to help you achieve financial freedom, then you should apply today.
Spaces are limited, and candidates are only considered after an application and interview process. Our 12-month investor program is unparalleled. Think you might be a fit? Learn more today at
Please note, the views and opinions expressed by the individuals in this program do not necessarily reflect those of or any of its partners, advertisers, or affiliates. Please consult professionals before making any investment or tax decisions, as real estate investing can be risky.
Are you a member yet of, the hottest real estate investing social community online? If not, you can join for free in less than 30 seconds and get access to hundreds of off-market deals, vendors in your market to help you in your business, and you could start networking with thousands of other investors just like you. Get your free account now at
Please check out the FlipNerd family of real estate investing shows where you can access hundreds of expert interviews, quick tips, and lessons from leaders across the real estate investing industry. They’re available at, or simply search for FlipNerd in the iTunes Store.