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B3-4.2-05, Foreign Assets (05/04/2022)

This topic provides information on the use of assets that are located outside the United States and its territories.

Requirements for Foreign Assets

The lender must document all sources of funds used for down payments, closing costs and financial reserves. All documents of a foreign origin must be completed in English, or the originator must provide a translation, attached to each document, and ensure the translation is complete and accurate.

When the source of those funds originates from assets located outside of the U.S. and its territories, those assets require

  • documented evidence of the foreign assets exchanged into U.S. dollars and held in a U.S. or state regulated financial institution, and
  • verification of the funds in U.S. dollars prior to the loan closing.

The lender must evaluate large deposits in accordance with  B3-4.2-02, Depository AccountsB3-4.2-02, Depository Accounts.

Recent Related Announcements

The table below provides references to recently issued Announcements that are related to this topic.

Announcements Issue Date
Announcement SEL-2022-04 May 04, 2022