Lender Requesting Bank Statements

Summary

Lenders in Maryland cannot demand bank statements from non-applicants. A gift letter should suffice to explain deposits from relatives. Privacy laws protect your mother-in-laws financial information. Consult a local attorney for further advice.

Full Conversation

hello. a lender is asking for my mother in law bank statements but she isn't in the mortgage
Hello Alice. Is the mortgage in your name or jointly with a spouse? This is important as Maryland has specific laws regarding mortgage applications and privacy of non-applicant financial information.
no
Hello Alice, it seems odd for a lender to request the bank statements of someone not on the mortgage. In Maryland, privacy laws protect non-applicants' financial information. Could you provide more context for their request?
my mother in law live overseas . the lender is asking her bank statements because she gave to my husband a deposit for the house
Hello Alice, in Maryland:
- A gift letter should be sufficient to explain deposits from relatives.
- Lenders cannot demand non-applicant's bank statements.
- Privacy laws protect your mother-in-law's financial information.
You may want to consult with a local attorney for further advice.