You Have Full Access

January 15th, 2013

business person money

What if you have a joint bank account with another person and that person is not going to be on a mortgage loan application with you? You will need something called a full access letter from the other person. This would verify to the underwriter that you have access to use that money for settlement, if needed.

I have seen the need for a full access letter in the following scenarios:

  • A bank account is a joint account between a husband and wife. And the husband may not be on the loan because he has bad credit. Then the husband would need to write a “full access letter” ensuring that the wife has access to the funds in that joint account if needed. Of course common sense says this would be the case. But Fannie Mae requires this full access letter nonetheless.
  • A bank account is a joint account between a son and a mother. It was possibly opened when the son was much younger and he needed to have someone else on the account because of his young age. But in the future as an older adult he’d need a full access letter from his mother since her name is on the account as well. This way the underwriter, and more importantly Fannie Mae, can document that the son has her permission to access the funds if needed.

The full access letter can be short and simple, and say the following:

“To whom it may concern, (mortgage borrower’s name) has full access to use all the monies in the (name of the bank/financial institution) bank account/s with the following account number/s (account number/s). The account/s is/are joint accounts between my (husband, wife) and I. These monies can be used, all or in part, for the purchase of the property at (subject property address).”

Brian Martucci is a loan officer for Capital Bank Home Loans, a division of Capital Bank, N.A. He has been in the mortgage industry since 1986 and has served in a number of roles, including loan processor, loan officer, mortgage broker, branch manager, and vice president. Brian Martucci – NMLS# 185421. His opinions do not necessarily reflect the opinions and beliefs of Capital Bank Home Loans or Capital Bank. Capital Bank, N.A.- NMLS# 401599. Click here for the Capital Bank, N.A. “Privacy Policy”.

4 Responses to “You Have Full Access”

  1. Martyn says:

    Absolutely incorrect. Over the last 15 years I have underwritten thousands (literally) of loans and sold them to both Fannie and Freddie, and neither one has EVER asked for a full access letter, nor have any of the other investors to whom I have sold Fannie/Freddie loans.

    The only investor I recall ever having to get a full access letter for was Aurora.


  2. brianm says:

    Thanks for the feedback Martyn. But I don’t know that absolutes exist in this world. Over the last 27 years I have worked for 5 different mortgage companies, who sell loans to dozens and dozens of different banks, who in turn sell loans to both of the agencies you mentioned (FNMA and FHLMC), and at very single institution, by various different underwriter’s, in every year I have been in this business, not once did an underwriter allow me to close a loan without getting a “full access” letter when someone had a joint account with someone else who was not on the loan. So we seem to operate in two different mortgage worlds, I like yours better, sounds much easier 🙂 I think the point is valid, and people should expect to be asked for this, it never hurts to be prepared.

  3. Jessica says:

    Well, my lender just asked for one from me. Searched for this online so I could draft a template

    I am the borrower, joint account with husband and they require it.

  4. Mary says:

    i also worked with mortgage company, the other always require access letter for joint accounts while the other does not. Discretion i guess of the company and UW.

Leave a Reply