By Brandon Sooknanan, Founder of StatementReady
The slowest part of a bank statement loan isn't the math. It's chasing documents: the missing page 4 of 6, the business account nobody mentioned, the large deposit that needs a letter. A clear list sent to the borrower on day one saves a lot of back-and-forth later. We built a free checklist builder for that first conversation. Here's what's on it and how to use it without treating it as the lender's list.
Pick a loan type
The builder has three loan types:
- Bank statement loan (personal statements)
- Bank statement loan (business statements)
- Other non-QM loan file
Choose one and the list updates on the page.
What's on the list
The items the page shows include:
- Signed loan application
- Government-issued photo ID
- Authorization to pull credit
- Purchase contract, or current mortgage statement for a refinance
- Homeowners insurance contact or quote
- Asset statements for the down payment and reserves, as the lender asks
- Personal bank statements for the months the lender asks for, every page
- Business bank statements, if the lender asks for them alongside personal statements
- Proof the borrower owns the business (for example a CPA or tax preparer letter or a business license)
- Letters of explanation for large deposits, transfers or NSF items, if the lender asks
Notice how many items say "as the lender asks" or "if the lender asks." That's deliberate. Each lender sets its own list: how many months of statements, whether business statements are needed alongside personal ones, what proof of business ownership works. The checklist gives you a starting point; the lender's conditions decide the final list.
Two details that save time
"Every page." A statement with a missing page, even a blank one, can send a file back for another request. Asking for every page up front, in writing, heads that off.
Letters of explanation, early. If you can already see large deposits, transfers or NSF items on the statements you have, asking about them early is easier than waiting for a condition.
A simple workflow
- Before the first call, pick the loan type that matches the file.
- Ask the lender (or check its posted conditions) for anything specific: the number of months, which accounts, any form of its own.
- Add those lines with Add your own item.
- Print or download the list and send it to the borrower with a short note on how to deliver the documents.
- As documents arrive, tick them off against the printed list so nothing slips between emails.
The point is one list, agreed with the lender, that the borrower sees once, rather than five separate requests over two weeks.
Add the lender's own items
Lenders and programs differ, so the builder lets you add your own lines, such as a specific form, an extra month or a landlord contact. Then Print it or Download .txt to send with your first email to the borrower.
It runs in your browser, and what you type isn't sent or stored. No account needed.
Is this the official list?
No. It lists documents lenders may request for each loan type, and the page says so: confirm the final list with the lender before you collect documents. StatementReady isn't affiliated with or endorsed by Fannie Mae or any lender.
After the documents arrive
Once the statements are in, the next questions are income and completeness. The free bank statement income calculator gives a monthly figure from deposit totals. StatementReady takes the uploaded PDFs, checks whether each statement's transactions add up to its printed balances, and flags missing months, NSFs and large deposits. It assists your review of the loan file; the lender makes all underwriting decisions.
Try it
Build a list for your next file with the free document checklist.
Not legal or tax advice.
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