This presentation is about Assets and what underwriting will allow as an assett. For all your mortgage purchase and refinance questions, please call us at (916) 224-7653 or (916) 833-5063. We'd also love to come and present to you and your office.

1. Got Assets?
John Easterbrook & Patty Aguon
(916) 224-7653 or (916) 833-5063
Mortgage Loan Originators
Licensed – NMLS #2265555 & 994635
Information in presentation intended for real estate professionals only. Not for consumer use.

2. Asset Basics
 Evaluating assets are an important piece to
the underwriting process in residential
lending:
 All funds being used for the good faith deposit
and closing must be documented
 All deposited funds must be sourced or
seasoned for 60 days
Information in presentation intended for real estate professionals only. Not for consumer use.

3. Is this an asset?
Information in presentation intended for real estate professionals only. Not for consumer use.

4. RV
 This is not typically an asset that we can use…but
it could be if:
 We had a Kelley Bluebook evaluation at the time of sale
 We had a bill of sale
 Copy of a cashier’s check
 Funds deposited in the borrower’s account
 This is the same with rare valuables, such as a gun
collection or coins.
 If a hard asset is being liquidated, please talk with me
for guidelines BEFORE the asset is converted to cash.
Information in presentation intended for real estate professionals only. Not for consumer use.

5. Is this an asset?
Information in presentation intended for real estate professionals only. Not for consumer use.

6. Money
 It can be. Cash is not an acceptable asset,
but a gift is.
 It can only be an asset with proper
documentation
 The source must be verified and it must be
from a family member.
Information in presentation intended for real estate professionals only. Not for consumer use.

7. Is this an asset?
Information in presentation intended for real estate professionals only. Not for consumer use.

8. ‘Sealy Safe’ Funds
 No, mattress money cannot be used for
funds to close. All funds must be sourced or
seasoned for a minimum of 60 days in an
account.
Information in presentation intended for real estate professionals only. Not for consumer use.

9. Is this an asset?
Information in presentation intended for real estate professionals only. Not for consumer use.

10. 401K
 YES! 401Ks can be a great source of money for a
down payment
 401Ks can be liquidated (check with your tax
advisor) for available funds – ask your me what
documentation is required before cashing in all or
a portion of a retirement asset.
 Often a 401K can be borrowed against (called a
contingent liability) without the payments affecting
the borrower’s debt to income ratio on most loan
types.
Information in presentation intended for real estate professionals only. Not for consumer use.

11. Thanks for playing “Got Assets”!
As always, allow me to help
put your next transaction together.
Got Questions? Call me at
(916) 224-7653
Information in presentation intended for real estate professionals
only. Not for consumer use. VITEK Mortgage Group is licensed by
the Department of Business Oversight under the California
Residential Mortgage Lending Act. NMLS # 37408