Posted on: 09th Aug, 2009 07:46 am
Why is stated income loan fraud so popular?
check this
http://www.mortgagefit.com/predeal/about24105.html
Good luck
http://www.mortgagefit.com/predeal/about24105.html
Good luck
Declare the large income than actual income you have and off you.this is done by home buyer for more loan amount and they might feel that they might not qualify for loan under documentation they have with them.
Home loan office can prevent to do this lying on stated income home loans.
As this type of home loan fausd is very easy.
One important thing is Stated income mortgages are designed for non-salaried borrowers.
There are some borrowers can not show tax return as documentation for such people it is initiated.
In general mortgage loans requires that the borrower is underwritten for income amount that can be verified. Home buyers whose income comes from commission or jobs might have to declare their earnings and go reduced doc to get the loan they need.
Stated income borrowers are usually asked to sign IRS Form 4506. That is, a permission to the lender to verify income if doubts arise. sometimes W2s and tax returns will not be evidence of fraud but still having to sign this form discourages borrowers from overstating their income.
It is prime responsibility of lenders to do check income source on stated income home mortgages.
Lender will do income verification but not sure they will ask for form no. 4506. Loan officer will not care of incoming and outgoing of income. But they will take care of borrower's outstating earnings.
Home loan office can prevent to do this lying on stated income home loans.
As this type of home loan fausd is very easy.
One important thing is Stated income mortgages are designed for non-salaried borrowers.
There are some borrowers can not show tax return as documentation for such people it is initiated.
In general mortgage loans requires that the borrower is underwritten for income amount that can be verified. Home buyers whose income comes from commission or jobs might have to declare their earnings and go reduced doc to get the loan they need.
Stated income borrowers are usually asked to sign IRS Form 4506. That is, a permission to the lender to verify income if doubts arise. sometimes W2s and tax returns will not be evidence of fraud but still having to sign this form discourages borrowers from overstating their income.
It is prime responsibility of lenders to do check income source on stated income home mortgages.
Lender will do income verification but not sure they will ask for form no. 4506. Loan officer will not care of incoming and outgoing of income. But they will take care of borrower's outstating earnings.