Question : Do personal loan underwriters spend a lot of time verifying income or do they rely on credit score?
Do personal loan underwriters spend as much time as mortgage loan undertwriters verifying income? I know mortgage loan underwriters spend days checking a loan and have tools to check docs. Do personal loan underwriters follow the same guidelines?
- asked by Daniel G
All Answers:
Answer #1
yes they do they need both statements andinformation that support what you have writtendown to make sure that you are not a risk worthtaking.
- answered by kelly
Answer #2
I am a loan officer so I think I can answer this..Yes. If you are going full doc (w-2) we ask forthose. If your scores are really great.. in the7's for example.. a bank may only ask for 1 paystub up to the last 30 days. If you are goingstated (1099) they focus more on your creditreport and bank statements. Banks are bound byFannie Mae guidelines most of the time so therereally isn't anyway to go around the income thing. If you are concerned about qualifying for ahome.. the only thing would be making sure youcan afford the home based on your income. Thatwill be the worst if you have good credit.
- answered by Christie O
Answer #3
As an underwriter, our policy is to get proof ofincome (last paystub or 2) from anyone whose scoreis below 680. 680 and up we will take your wordfor it because obviously you have enough income tosupport your bills.Every institution has it's ownpolicies and guidelines regarding this.
- answered by Michele W
Answer #4
Try to possess as much information as you canmaybe is one option,however it is timeconsuming,here is the one i have ever had goodexperiencewith.
http://loan.goodhelper.info/calculate-car-loan.html
- answered by STEVEN S
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