verifying employment versus income

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>verifying employment versus income
Posted by: liz Aug 11 2004, 06:50 AM
i’ve been on maternity leave and just returned to work. my check i will receive on the 27th will only be for a little less than half of what i will normally make. can this be explained to a lender? also, when calling to verify employment, are they just checking that i still work there or will they ask what i make per pay period and such? i make commission, so i was just wondering….especially since we were pre-qualified at me making 1000 a month, but my next check will only be for 400 and something (but won’t come til the 27th and we’re hoping to get an offer in on a house this week) and my most recent check i have until then is from june before i left to have a baby.
Posted by: loanuniverse Aug 11 2004, 08:06 AM
I am not a residential lender, but it is my understanding that the employment verification call that Mortgage lenders give to the employers asks them the following:

1- Your title.
2- Your compensation
3- The length of your employment
4- The name and title of the person providing the information.

I also don’t think that what has happened in the last couple of months will have much bearing since they probably are going to put more weight to the previous years of W2s that you have provided. I personally think that a record of how much money you have made in the last couple of months is more important than this particular situation.

You should visit the forums, they have a lot of people with experience in these matters.

Good luck
Author: Commercial Loan Underwriter