Bank statements show a borrower has $50,000 in a savings account that has been there for 6 months, but $30,000 was transferred to checking two days before closing. How should this transfer be treated?
Correct Answer
B) The transfer is acceptable since the funds were already seasoned in savings
Funds that have been properly seasoned in one account can be transferred between the borrower's own accounts without losing their seasoned status. The key is that the funds were already verified and seasoned in the savings account.
Why This Is the Correct Answer
Funds that have been properly seasoned in one account can be transferred between the borrower's own accounts without losing their seasoned status. The key is that the funds were already verified and seasoned in the savings account.
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