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 the borrower is working the same job in which they received the bonus or overtime income over the past twelve months, a letter from their employer is required confirming that the borrower is no longer eligible for bonus or overtime income. If the borrower has changed jobs over the past twelve months the overtime or bonus income earned in their previous job should not be calculated in the borrower’s current bond qualifying income.
