By Brandon Sooknanan, Founder of StatementReady
A self-employed borrower calls. Their tax returns show income after business write-offs, and someone told them about bank statement loans. The fastest way to lose a week on that file is to say "send me your last 12 months of statements" before you know which statements you actually need.
This guide is for brokers and loan officers. It covers the questions worth asking on the first call, why each one matters, and what to request once you have the answers.
This is educational, not underwriting or legal advice. Lenders set their own guidelines; confirm with the lender. Requirements vary by lender and program.
Why the first call matters on a bank statement file
On a bank statement loan, the statements are the income documentation. The lender's program decides how many months it looks at, which kinds of accounts it accepts and how it turns deposits into income. If you collect the wrong account, the wrong window or an incomplete set, you'll be asking the borrower again later, usually when they are already frustrated.
A few minutes of questions up front tells you which program types to look at and exactly which documents to request.
The questions to ask
1. How long have you been self-employed?
Self-employment history is one of the first things a program looks at. The StatementReady FAQ puts it this way: "Many programs look for about two years of self-employment, and some accept less with conditions. Requirements vary by lender and program." Ask for the start date of the business, not a rough guess, and whether the borrower did the same kind of work before going out on their own.
2. Where do business deposits land: a business account, a personal account or both?
This is the question that shapes the whole file. Some borrowers run everything through a business account. Others are paid into a personal account, or split income across both. Programs often treat business and personal statements differently, so the answer tells you which statements to request and which program types fit. See business vs personal bank statements.
3. How many accounts touch the business?
Ask about every account income moves through: checking, savings, a second business account, a payment-processor payout account. You don't need statements for all of them yet. You need to know they exist so you can request the right ones and spot transfers between them later.
4. Have you changed banks, or closed or opened an account, in the last two years?
A bank switch inside the look-back window means statements from more than one account cover the period. It's much easier to plan for that on day one than to discover it as a "missing month" after the package arrives.
5. Do you own the business alone?
On business statements, lenders commonly multiply income by the borrower's ownership share. Ask whether there are partners and what share the borrower owns, and how they can document it. The lender decides what proof it accepts.
6. Does anything other than business income get deposited?
Wages from a side job, rent, transfers from family, loan proceeds, refunds and transfers between the borrower's own accounts can all show up as deposits. Lenders commonly leave some of these out. Hearing about them now means fewer surprises when the deposit list is reviewed.
7. Have there been any large or unusual deposits?
A one-time payment, a sale of equipment, a gift or a transfer from savings can raise a question from the lender. Ask the borrower to tell you about anything out of the ordinary so you can plan the explanation and the paper trail early. See large deposits on bank statement income.
8. Have you had overdrafts or returned payments recently?
Programs set their own tolerances for NSFs and overdrafts. You don't need to judge anything on the call. You just want to know whether to look closely before submission.
9. Has income been steady, growing, seasonal or down lately?
The FAQ notes that "Underwriters often look at the trend across the window, not only the average, and may ask for an explanation when income drops or swings." A borrower with a strong first year and a weaker recent stretch, or a seasonal business, needs that conversation before you pick a window.
10. Can you download complete statements from online banking?
Many lenders accept statements downloaded from online banking, and some have rules about transaction histories or scans. Ask the borrower to send full monthly statements, every page, rather than screenshots or transaction lists.
What to request after the call
Once you have the answers, request one specific list instead of a general ask:
- The accounts: the exact accounts, by bank and last 4 digits, that cover the window.
- The window: 12 or 24 consecutive months, per the program you're targeting. See 12 vs 24 month bank statement loans.
- Complete statements: every page of every month, including blank pages.
- Supporting items: whatever the program asks for, such as proof the business exists, an expense letter or P&L, and ownership documentation.
The documentation checklist covers the rest of the file, and the processor workflow picks up from intake.
Where StatementReady fits
The first call is a conversation, and that part stays with you. StatementReady helps with collecting and checking the statements once you know what to request. From the StatementReady FAQ:
"Create a borrower upload link on the loan file. It works for that one loan file only, needs no borrower login, expires within 7 days (you choose 1–7), and you can revoke it anytime."
"Every statement is checked to the cent: opening balance plus credits minus debits must equal the closing balance. It also checks that each closing balance matches the next opening balance and flags missing months. Statements that don't reconcile, or can't be checked, are marked Unverified, and exports carry that warning. You review flags and can edit rows."
From Pricing:
"Reconciled means the transactions add up to the printed balances. It doesn't confirm that each deposit is eligible income. StatementReady assists your review and doesn't make underwriting decisions."
From the FAQ:
"No. It doesn't make a credit decision. You review the flags, and you and your lender stay responsible for checking the results against program guidelines."
Get started: statementready.net. First 2 loan files free, no card required. Pricing
FAQ
What should I ask a self-employed borrower first?
How long they have been self-employed and where business deposits land. Those two answers narrow down which program types and which statements make sense.
Should I request business or personal bank statements?
It depends on how the borrower runs their money and which program you're using. Programs often treat business and personal statements differently. Lenders set their own guidelines; confirm with the lender.
How many months of statements should I ask for?
Many bank statement programs use 12 or 24 months of consecutive statements, and some use other periods. Check the guidelines for the program you're targeting before you request them.
Does StatementReady decide which program a borrower fits?
No. It builds the worksheet and flags items for your review. You and your lender decide.
Sources (checked 2026-10-23)
Product statements are quoted from the live pages on the date checked.
- StatementReady FAQ: https://statementready.net/faq
- StatementReady Pricing: https://statementready.net/pricing
Related guides
- A processor's workflow for bank statement loans
- Business vs personal bank statements
- Collect bank statements from borrowers securely
- Bank statement loan documentation checklist
For shorter answers, see the StatementReady FAQ.
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