I play professionally on Bovada and am applying to refinance my mortgage. I need to fill out a form which shows the source of large deposits to my bank account. These large deposits are cashouts from Bovada in the form of bank wires, and each one totals ~$9300. I really have no other documentation where the wires are coming from other than emails/messages from Bovada confirming the payouts being sent.

I don't think so, but can I get in any legal trouble for showing that these payouts are coming from a poker site's payment processor? The mortgage company knows I am a professional poker player, but I'm not sure they are specifically aware of US sites and the UIGEA.

Thanks!

I would send a private message to 2plus2 member Urban Surfer. He plays on Bovada and used his winnings for a down payment on a house. Not exactly the same situation but it might be helpful to talk to him.

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<-----Beats, Brags, and Variance

</sarcasm>

I'm a mortgage banker, so I can help.
They are looking to document the file. The information is not (can not legally) be shared with any other entity.
Given your profession on your application, you should be able to use the email and a letter of explanation to clear the condition.

An alternative would be to ask your loan agent to process a Verification of Deposit (VOD) for your account. This is a form processed by your bank that provides average and current balances in lieu of monthly statements. This way the large deposit wouldn't show up and wouldn't need to be sourced.

As long as your balance has remained fairly steady for the past 2 months, the VOD should work fine.

Lastly, since it is a refi, do they need this specific account for reserves? Maybe you have another account you can use that doesn't have the deposits.