Submission Notes for a Bank Statement Loan: What to Tell the Lender Before It Asks

By Brandon Sooknanan, Founder of StatementReady

An underwriter opens a bank statement file and sees two business accounts, a gap in deposits in the spring and a large deposit in August. With no context, each of those becomes a condition. With three short lines from you, some of them may already be answered.

This guide covers what to put in your submission notes on a bank statement loan, what to leave out and a simple format you can reuse.

This is educational, not underwriting or legal advice. Lenders set their own guidelines; confirm with the lender. Requirements vary by lender and program.

Why notes help on a bank statement file

On a bank statement loan, the income comes from deposits, and deposits come with stories: transfers between accounts, a seasonal slow period, a one-time payment. You already heard those stories from the borrower. Short notes put that context in front of the underwriter instead of leaving them to piece it together from the statements.

Notes don't replace documents. They point to them.

What to include

1. The program and the window

Name the program you're submitting under and the look-back period you used, for example 12 or 24 months, and say whether the statements are business, personal or both. See business vs personal bank statements.

2. The accounts in the file

List each account by bank and last 4 digits, whose name it's in and the months it covers. If the borrower changed banks or added an account during the window, say so and say which months come from which account.

3. How you built the income figure

State the inputs you used: the ownership share, the expense factor and where it came from (the program's fixed factor, a CPA letter or a P&L), and which kinds of deposits you left out, such as transfers between the borrower's own accounts. See expense factor on bank statement loans.

4. Anything unusual, with a pointer to the document

For each large deposit, gap, trend change, NSF or name difference, add one line on what it is and which document in the package explains it. Keep it factual: "Aug 14 deposit: sale of equipment, bill of sale and LOE attached."

5. What's still outstanding

If something is on its way, say what and when you expect it. It's better for the lender to hear that from you.

What to leave out

• Opinions about whether the borrower should be approved
• Anything you can't back up with a document in the file
• Long narratives. If a note needs more than a few sentences, it probably belongs in a letter of explanation from the borrower. See letters of explanation.

A format you can reuse

Sample notes, made up for illustration only. Not a lender format or requirement.

• Program / window: Bank statement program, 12 months, business statements
• Accounts: Business checking ••1234 (all 12 months); business savings ••5678 (transfers only)
• Inputs: Ownership 100% (formation documents attached); expense factor per program; transfers from ••5678 left out
• Items: March–April deposits lower (seasonal; LOE attached). Aug 14 deposit: equipment sale (bill of sale and LOE attached)
• Outstanding: None

Where StatementReady fits

The notes are yours to write, and StatementReady can help you check the package they describe. From the StatementReady FAQ:

"On Solo and Team, the Evidence Pack is a PDF of a run's figures. Each figure lists the statement page it came from, and anything that can't be traced to a page is marked Uncited. Holder names are shown unless you turn them off. A separate method appendix, listing the settings used and how each figure was calculated, is created only if you turn it on. Account numbers show the last 4 digits only. Team gets the same pack in a shared workspace. Reconciled means the transactions add up to the printed balances. It doesn't confirm that each deposit is eligible income. StatementReady doesn't make underwriting decisions, and you review each figure before relying on it."

"StatementReady's worksheet shows deposits month by month so you can see the trend before you submit."

From the FAQ:

"No. It doesn't make a credit decision. You review the flags, and you and your lender stay responsible for checking the results against program guidelines."

Get started: statementready.net. First 2 loan files free, no card required. Pricing

FAQ

Do lenders read submission notes on a bank statement file?

Practices vary. Short, factual notes that point to documents are easier to use than long narratives. Lenders set their own guidelines; confirm with the lender.

Should submission notes explain large deposits?

Note what each one is and which document explains it. The borrower's letter of explanation and the source documents carry the detail.

How long should submission notes be?

Short enough to read in a minute. One line per account and per unusual item is usually enough.

Does StatementReady write submission notes?

No. It builds the worksheet and flags items for your review. You write the notes, and you and your lender decide.

Sources (checked 2026-10-24)

Product statements are quoted from the live pages on the date checked.

1. StatementReady FAQ: https://statementready.net/faq
2. StatementReady Pricing: https://statementready.net/pricing

Related guides

• A processor's workflow for bank statement loans
• Bank statement worksheet mistakes
• Missing months in a bank statement package
• Letters of explanation for bank statement loans

For shorter answers, see the StatementReady FAQ.

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