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Ability to Repay and verifying job status

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  • #4214
    wp27
    Participant

    Under the small creditor QM standards:

    If we use tax returns (with a transcript) to verify income, they will be several months old most likely so do we also need to obtain some kind of verification of current job status at the time of underwriting?

    If so, would obtaining a bank statement showing the money is being direct deposited currently suffice?

    #4237
    rcooper
    Keymaster

    1026.43(c)(2)(i) states you must verify current income. I recommend obtaining what information you need to ensure that the income is current. And, yes, bank statements will suffice for verifying income.

    #4313
    rcooper
    Keymaster

    The regulation states that job status may be verified orally if you document the information obtained orally. It does not give a bank statement as an example of verification of employment status.

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