A Letter Of Explanation For Mortgage Large Deposit is a crucial document in the Canadian mortgage application process, typically required when deposits exceeding certain thresholds or unusual transaction patterns appear in an applicant's bank statements. This document becomes necessary when the deposit amount is significant relative to the applicant's regular income or when the funds form part of the down payment for the mortgage. The letter must comply with various Canadian regulations, including the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and FINTRAC guidelines. It provides detailed information about the source of funds, timing of deposits, and relevant supporting documentation. This document is essential for lenders to maintain regulatory compliance, assess mortgage applications accurately, and ensure the legitimacy of funds being used in real estate transactions.
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1. Header Information: Date, recipient details (lender/bank name), mortgage application reference, and applicant's personal information
2. Introduction: Brief statement identifying the writer and purpose of the letter, referencing the specific deposit(s) in question
3. Deposit Details: Specific information about the deposit including exact amount, date, and receiving account details
4. Source of Funds: Clear explanation of where the money came from (e.g., savings, sale of asset, gift, etc.)
5. Timeline of Events: Chronological explanation of how and when the funds were acquired and deposited
6. Declaration: Statement confirming the truthfulness of the explanation and that the funds were legally obtained
7. Signature Block: Formal signature, printed name, and date
1. Gift Details: Used when funds are a gift, including donor's information and relationship to applicant
2. Property Sale Information: Used when funds come from sale of property, including property details and sale information
3. Business Transaction Details: Used when funds come from business dealings, including nature of business and transaction details
4. Investment Liquidation Details: Used when funds come from selling investments, including investment type and sale details
5. Inheritance Details: Used when funds come from an inheritance, including details about the estate
6. Multiple Deposit Explanation: Used when explaining a series of large deposits rather than a single deposit
1. Bank Statements: Copies of relevant bank statements showing the deposit and its source
2. Supporting Documentation: Relevant documents proving the source of funds (sale agreements, gift letters, inheritance documents, etc.)
3. Transaction Records: Records showing the movement of funds (wire transfers, deposit slips, etc.)
4. Identity Verification: Copies of identification documents for the letter writer and any relevant parties
5. Source Documentation: Additional documents specific to the source of funds (property sale closing documents, investment statements, etc.)
Relevant legal definitions
Large Deposit
Source of Funds
Banking Institution
Mortgage Application
Reference Period
Supporting Documentation
Gift Letter
Wire Transfer
Electronic Funds Transfer (EFT)
Account Holder
Donor
Financial Institution
Mortgage Lender
Primary Account
Transaction Date
Verification Documents
Proof of Funds
Bank Statement
Settlement Statement
Borrower
Down Payment
FINTRAC
Suspicious Transaction
Source of Funds
Banking Institution
Mortgage Application
Reference Period
Supporting Documentation
Gift Letter
Wire Transfer
Electronic Funds Transfer (EFT)
Account Holder
Donor
Financial Institution
Mortgage Lender
Primary Account
Transaction Date
Verification Documents
Proof of Funds
Bank Statement
Settlement Statement
Borrower
Down Payment
FINTRAC
Suspicious Transaction
Clauses
Relevant Industries
Banking
Real Estate
Financial Services
Mortgage Lending
Legal Services
Financial Compliance
Property Development
Insurance
Relevant Teams
Mortgage Operations
Underwriting
Compliance
Legal
Risk Assessment
Credit Analysis
Customer Service
Document Processing
Quality Assurance
Financial Crime Prevention
Retail Banking
Property Finance
Relevant Roles
Mortgage Underwriter
Loan Officer
Compliance Officer
Mortgage Broker
Banking Relationship Manager
Credit Analyst
Financial Advisor
Real Estate Agent
Property Finance Manager
Risk Assessment Officer
Legal Counsel
Banking Operations Manager
Mortgage Specialist
Financial Services Representative
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