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

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.