Accountants Letter For Mortgage Lender Template for Singapore

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Accountants Letter For Mortgage Lender

"Need an Accountant's Letter For Mortgage Lender to verify my client's multiple income streams (both employment and rental income) for a Singapore property purchase, ensuring compliance with MAS guidelines and including a detailed three-year income analysis for January 2025 onwards."

Document background
The Accountant's Letter For Mortgage Lender is a critical document in Singapore's property financing landscape, required by lending institutions to verify loan applicants' financial standing. This document provides independent professional confirmation of income, employment status, and financial stability, helping lenders assess mortgage eligibility under MAS guidelines and TDSR requirements. The letter typically includes detailed income calculations, verification of employment or business ownership, and professional declarations complying with Singapore's accounting standards and banking regulations.
Suggested Sections

1. Accountant Information: Professional credentials, firm details, registration number, and contact information of the issuing accountant

2. Client Identification: Full details of the mortgage applicant(s) including name, NRIC/FIN, and address

3. Purpose Statement: Clear statement that the letter is for mortgage lending purposes and identifying the intended lending institution

4. Income Verification: Detailed breakdown of verified income sources and amounts, including calculation methodology

5. Employment Status: Confirmation of employment status, tenure, and position held by the applicant

6. Professional Declaration: Statement of professional responsibility, compliance with relevant standards, and confirmation of information accuracy

Optional Sections

1. Business Income Analysis: Detailed analysis of business performance and income for self-employed applicants or business owners

2. Multiple Income Sources: Analysis and verification of various income streams including rental, dividends, or other sources

3. Foreign Income Declaration: Verification and analysis of overseas income sources with currency conversion considerations

Suggested Schedules

1. Income Computation Schedule: Detailed calculations showing the methodology used to determine average monthly income

2. Supporting Documents List: Index of all documents reviewed to verify income and employment status

3. Tax Assessment Summary: Summary of recent tax assessments reviewed for income verification

4. Business Performance Analysis Schedule: Financial metrics and trends analysis for self-employed applicants or business owners

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions
Industries

Accountants Act (Chapter 2): Primary legislation governing the accounting profession in Singapore, establishing requirements for professional accountants and accounting entities

Banking Act (Chapter 19): Core banking legislation that includes provisions on banking secrecy and financial institutions' operations in Singapore

Housing and Development Act: Legislation governing public housing (HDB) properties and related mortgage considerations in Singapore

Residential Property Act: Legislation governing residential property transactions and foreign ownership restrictions in Singapore

Moneylenders Act: Legislation regulating money lending activities and protecting borrowers' interests in Singapore

Singapore Standards on Auditing (SSA): Professional standards that govern auditing practices and procedures in Singapore

Code of Professional Conduct and Ethics: Professional guidelines establishing ethical standards and conduct requirements for accountants and accounting entities

ISCA Guidelines: Professional guidelines issued by the Institute of Singapore Chartered Accountants for accounting practices

MAS Guidelines on Fair Lending Practices: Regulatory guidelines ensuring fair and transparent lending practices by financial institutions

MAS Notice 632: Specific regulations governing residential property loans and lending criteria in Singapore

Total Debt Servicing Ratio (TDSR) Framework: Regulatory framework limiting the amount of debt obligations in relation to gross monthly income

Personal Data Protection Act 2012: Legislation governing the collection, use, and disclosure of personal data in Singapore

Banking Secrecy Provisions: Specific provisions under the Banking Act protecting client confidentiality and information security

MAS Notice 626: Anti-money laundering and counter-terrorism financing requirements for financial institutions in Singapore

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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