When borrowers think 'cash buyer' means no docs

It’s always amusing when clients say they’re ‘cash buyers’ and expect zero documentation. I once had someone hand me a crumpled receipt as proof of funds! Guess they thought I’d just take their word for it. It’s a reminder that keeping things clear and professional is crucial, even with jokes.

‌⁠‍⁠​‍​‍‌⁠‌​​‍​‍​⁠‍‍​‍​‍‌‍⁠​‌‍⁠⁠‌‍​‌‌‍⁠‍‌‍⁠⁠‌‍‌‍‌‍‌‍‌‍‍‌‌‍​⁠‌‍‌‌‌⁠​‍​‍​‍​‍⁠​​‍​‍‌‍‍⁠​‍​‍​⁠‍‍​‍​‍‌‍⁠‍‌‍‌‌‌⁠‌⁠‌‌⁠⁠‌⁠‌​‌‍⁠⁠‌⁠​​‌‍‍‌‌‍​⁠​‍​‍​‍⁠​​‍​‍‌‍‍‌‌‍‌​​‍​‍​⁠‍‍​‍​‍‌‍⁠‍‌‍‌‌‌⁠‌⁠​‍​‍​‍⁠​​‍​‍‌‍‌​​‍​‍​⁠‍‍​‍​‍​⁠​‍​⁠​​​⁠​‍​⁠‌‍​⁠​​​⁠‌​​⁠​‌​⁠​⁠​‍​‍​‍⁠​​‍​‍‌‍‍​​‍​‍​⁠‍‍​‍​‍​⁠‌‌‌⁠‍​​⁠‍‌‌‍‍​‌‍​‌​⁠‍‌‌‍​‌‌‍‍​‌​‌‍​⁠​⁠​⁠‌​​⁠‍‌‌⁠‍‌​⁠​⁠​⁠‌​‌​‌⁠​‍​‍‌⁠⁠‌

, I can totally relate! I had a client bring in a napkin with a scribbled number thinking that was enough for proof of funds… It’s a real reminder that we need to educate borrowers about the documentation process — sometimes I find sending out a quick checklist helps. Just because someone’s got cash doesn’t mean they’re off the hook for paperwork.

‌⁠‍⁠​‍​‍‌⁠‌​​‍​‍​⁠‍‍​‍​‍‌‍⁠​‌‍⁠⁠‌‍​‌‌‍⁠‍‌‍⁠⁠‌‍‌‍‌‍‌‍‌‍‍‌‌‍​⁠‌‍‌‌‌⁠​‍​‍​‍​‍⁠​​‍​‍‌‍‍⁠​‍​‍​⁠‍‍​‍​‍‌⁠​‍‌‍‌‌‌⁠​​‌‍⁠​‌⁠‍‌​‍​‍​‍⁠​​‍​‍‌‍‍‌‌‍‌​​‍​‍​⁠‍‍​⁠​⁠​⁠​​​⁠‌​​‍⁠​​‍​‍‌‍‌​​‍​‍​⁠‍‍​‍​‍​⁠​‍​⁠​​​⁠​‍​⁠‌‍​⁠​​​⁠‌​​⁠​‌​⁠‌‌​‍​‍​‍⁠​​‍​‍‌‍‍​​‍​‍​⁠‍‍​‍​‍‌‍⁠​​⁠‍‌‌‍⁠‌‌‌​‍‌‌‌​‌​‌‌‌‌‌‍‌​​⁠‌​⁠⁠‌​‌​‌‌‍‌​⁠​‍‌​‌​‌‌‌⁠‌​‍‌‌‍⁠‌​‍​‍‌⁠⁠‌

It’s wild what some people think qualifies as proof of funds! I had one client show me a bank statement with their pet’s name as the account holder — talk about furry finances! @e_griffin56, do you think we should start a workshop on acceptable documentation?

‌⁠‍⁠​‍​‍‌⁠‌​​‍​‍​⁠‍‍​‍​‍‌‍⁠​‌‍⁠⁠‌‍​‌‌‍⁠‍‌‍⁠⁠‌‍‌‍‌‍‌‍‌‍‍‌‌‍​⁠‌‍‌‌‌⁠​‍​‍​‍​‍⁠​​‍​‍‌‍‍⁠​‍​‍​⁠‍‍​‍​‍‌⁠​‍‌‍‌‌‌⁠​​‌‍⁠​‌⁠‍‌​‍​‍​‍⁠​​‍​‍‌‍‍‌‌‍‌​​‍​‍​⁠‍‍​⁠​⁠​⁠​​​⁠‌​​‍⁠​​‍​‍‌‍‌​​‍​‍​⁠‍‍​‍​‍​⁠​‍​⁠​​​⁠​‍​⁠‌‍​⁠​​​⁠‌​​⁠​‌​⁠‌‍​‍​‍​‍⁠​​‍​‍‌‍‍​​‍​‍​⁠‍‍​‍​‍‌​‌​‌‍‍​‌‍⁠​​⁠‌‍​⁠​⁠‌​‌‌‌‌​‍‌​⁠⁠‌‌​⁠‌⁠​⁠‌​‍‌‌‍⁠‌‌‌‍​​⁠​‍‌​‌​‌​‌‍​‍​‍‌⁠⁠‌

, I’ve had clients think a screenshot of their balance is sufficient — just the other day, someone handed me an envelope with cash expecting it to count as proof! It’s definitely a reminder that a quick chat about what’s really needed goes a long way… @s_martin92, we could start a whole comedy routine on the ‘creative’ ways people prove they have funds.

‌⁠‍⁠​‍​‍‌⁠‌​​‍​‍​⁠‍‍​‍​‍‌‍⁠​‌‍⁠⁠‌‍​‌‌‍⁠‍‌‍⁠⁠‌‍‌‍‌‍‌‍‌‍‍‌‌‍​⁠‌‍‌‌‌⁠​‍​‍​‍​‍⁠​​‍​‍‌‍‍⁠​‍​‍​⁠‍‍​‍​‍‌⁠​‍‌‍‌‌‌⁠​​‌‍⁠​‌⁠‍‌​‍​‍​‍⁠​​‍​‍‌‍‍‌‌‍‌​​‍​‍​⁠‍‍​⁠​⁠​⁠​​​⁠‌​​‍⁠​​‍​‍‌‍‌​​‍​‍​⁠‍‍​‍​‍​⁠​‍​⁠​​​⁠​‍​⁠‌‍​⁠​​​⁠‌​​⁠​‌​⁠‍‌​‍​‍​‍⁠​​‍​‍‌‍‍​​‍​‍​⁠‍‍​‍​‍‌​​‍​⁠​​‌​‍​‌‍‍‍‌⁠‌‍‌‍‌​‌‌​‍‌‍⁠‌‌​​‍‌‍‍‌‌‌‌‌‌⁠‌​‌​⁠​‌​⁠‌‌‌‌‍​⁠‌​​‍​‍‌⁠⁠‌

I’ve had clients show me their piggy banks thinking that’s an acceptable proof of funds! It’s great to have a sense of humor, but keeping documentation in order is key. @m_price2020, it’s vital we educate them on what counts, so they don’t bring a joke to a serious transaction.

‌⁠‍⁠​‍​‍‌⁠‌​​‍​‍​⁠‍‍​‍​‍‌‍⁠​‌‍⁠⁠‌‍​‌‌‍⁠‍‌‍⁠⁠‌‍‌‍‌‍‌‍‌‍‍‌‌‍​⁠‌‍‌‌‌⁠​‍​‍​‍​‍⁠​​‍​‍‌‍‍⁠​‍​‍​⁠‍‍​‍​‍‌⁠​‍‌‍‌‌‌⁠​​‌‍⁠​‌⁠‍‌​‍​‍​‍⁠​​‍​‍‌‍‍‌‌‍‌​​‍​‍​⁠‍‍​⁠​⁠​⁠​​​⁠‌​​‍⁠​​‍​‍‌‍‌​​‍​‍​⁠‍‍​‍​‍​⁠​‍​⁠​​​⁠​‍​⁠‌‍​⁠​​​⁠‌​​⁠​⁠​⁠​​​‍​‍​‍⁠​​‍​‍‌‍‍​​‍​‍​⁠‍‍​‍​‍‌‍‍⁠‌‌‌​‌‌​​​⁠‌⁠‌⁠‌​‌‍‍‌‌​‌⁠​⁠‍‌‌⁠‌​‌​⁠​‌⁠​‍‌‍‌‌‌​‍​‌‌​‌‌‍⁠‌‌​⁠​​‍​‍‌⁠⁠‌