Financial Reporting and Analysis
Financial Reporting and Analysis
Financial Reporting & Analysis (FR&A) by Revsine/Collins/Johnson/Mittelstaedt emphasizes both the process of financial reporting and the analysis of financial statements. This book employs a true “user” perspective by discussing the contracting and decision implications of accounting and this helps readers understand why accounting choices matter and to whom. Revsine, Collins, Johnson, and Mittelstaedt train their readers to be good financial detectives, able to read, use, and interpret the statements and-most importantly understand how and why managers can utilize the flexibility in GAAP to manipulate the numbers for their own purposes. Significantly, the new edition emphasizes the differences and similarities between GAAP and IFRS, which is a critical component of this course.
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Categories: Loan Products Tags: Analysis, Financial, GAAP, Price, reporting, statements
What do loan officers look for in your past bank statements?
Question by BGOQ: What do loan officers look for in your past bank statements?
As I’ve been doing homework on the loan process for a first-time mortgage, it struck me as peculiar that it is recommended (required?) to bring six months of bank statements to your loan visit. This seems to me to be a little invasive on privacy, yet I’m not sure what the purpose is. What do they look for specifically? Is it to verify income, or do they actually look at every single item? What if I have multiple accounts/banks, should I bring six months worth of statements from each bank? Is this the same with bank loans as it is with mortgage brokers? Always, thanks for your answers!
Best answer:
Answer by Mike M.
They look at the general activity, deposits, overdrafts, balance etc. It gives a rather good picture of how you handle personal finances. They also want to know where the down payment is coming from if it’s not in your account. I would take all statements from all accounts. You’re better off not trying to hide anything, they will find it. This is standard for mortgages whether a bank or broker. It’s only “invasion” of privacy if you don’t give prior permission. You can refuse to provide any info you want, but you may not get the mortgage.
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Categories: Loan Questions Tags: bank, loan, Look, Officer's, past, statements