A mortgage loan question.

[mike peters]

I'm in the process of refinancing my home. Could the bank verify my income and employer other than the pay stub I show them? In other words do they have the power to search beyond my paystub for verification before approving my loan.

Of those whom have info in this area, please respond. Thank you.

 

[the nature boy]

When I got my home loan they called my HR person where I worked to verify my employment.

 

[The Shadow]

I'm in the process of refinancing my home. Could the bank verify my income and employer other than the pay stub I show them? In other words do they have the power to search beyond my paystub for verification before approving my loan.

Of those whom have info in this area, please respond. Thank you.

Well - they can pull your W-2.

 

[WODIN]

I'm still waiting on the return of my first born. Those requirments can be pretty stiff at times.

 

[MP5]

I constantly do second mortgages at the credit union where I work, and I never need documentation unless someone is claiming a unreal amount of income, or going for a huge loan. If it is a refi, then I doubt they will even ask.

 

[mike peters]

Thanx for the info,

Yes it's a refinance for 45k.

 

[Rotten]

It depends on how they are processing the loan. If they are doing automated underwriting (DU, LP, etc.) then they might not need them. They will tell you everything they need if they do it that way. If not then they will send a VOE(Verification Of Employment) to your employer to find out your income, how long you've been employed, likelyhood of continued employment, etc.

MP5, I buy alot of loans from credit unions. I learned really quickly that you call them "members" and not customers.

 

[MP5]

Yeah, they are still trying to brain wash me into saying "member".

 

[mike peters]

bump

 

[mike peters]

give me some more