Are consecutive paystubs required to confirm a borrower’s income?
No. Although Supplemental Directive 09-01 and Supplemental Directive 09-07 require servicers to obtain a borrower’s two most recent paystubs indicating year-to-date earnings, if the servicer can determine that the employment and year-to-date income is accurate by reviewing the paystubs provided, two non-consecutive paystubs are sufficient to meet HAMP requirements.
Related Questions
- How should the bond compliance income be calculated if the borrower received a bonus or overtime in the past but has since changed jobs and will no longer be receiving it?
- If child support isn used to qualify a borrower, does it have to be added to the bond qualifying income for compliance?
- Does the lender need to verify the borrower’s employment and income for the loan to be eligible for Refi Plus?
