DOCUMENTATION OF GIFT FUNDS
Gift Funds Yet To Be Received:
1. Provide executed gift letter.
2. The gift must be in the form of a cashier’s check or certified check. The
donor’s name must be printed on the check (example – Donor: John Doe).
A Cashier’s check is preferred. None of the gift money can be received in
cash from the gift donor.
3. Make a copy of the gift check prior to the deposit and also a copy of the
deposit slip showing that the funds have been deposited into your
account. Within three weeks of settlement, please send us a full copy of
your bank statement showing the gift deposit. If it is unlikely that you will
receive your statement in time please provide a letter from your bank (on
bank letterhead and signed by bank official) stating the following:
- Deposit amount
- Account number
- Deposit date
- New account balance amount
Gift Funds Already Received:
1. Provide executed gift letter.
2. Provide, from the gift donor, a copy of the front and back of the canceled
gift check or a copy of the gift donor’s full bank statement evidencing the
withdrawal amount matching the actual gift amount.
3. Make a copy of the gift check prior to the deposit and also a copy of the
deposit slip showing that the funds have been deposited into your
account. Within three weeks of settlement, please send us a full copy of
your bank statement showing the gift deposit. If it is unlikely that you will
receive your statement in time please provide a letter from your bank (on
bank letterhead and signed by bank official) stating the following:
Please note that the gift letter and supporting documentation detailed above should
be received in our office no later than three weeks prior to settlement. Additionally,
when making your gift deposit, be sure to keep the gift deposit separate from any
other money you may be depositing that same day. This will help to keep the paper
trail separate and clean. Be sure to call your processor or your loan officer if you have
any questions. Thank you.