When you buy a home, most of the time the seller requires an earnest money deposit (EMD) to show you are serious about your offer and to compensate them for the time they have the home off the market in case you don’t close for some reason. This EMD check takes a while to get cashed or deposited into an escrow account, but once the seller accepts the offer and we have a signed contract, we have everything we need to start processing your loan. When we submit your loan to underwriting, we include 60 days of bank statements. However, the lender will want to see the EMD debited from your account in order to verify sufficient funds to close once that amount is debited. This means that as soon as the EMD shows on your account, we will either need updated bank statements depending on where in the month your bank generates monthly statements, or we will need a “transaction history” that shows all activity from the end of the last bank statement we turned in until the EMD is debited from your account.