When a mortgage company asks for 2 paystubs.. (loan officer, approve, loan)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Are they looking to verify I am still currently employed? I can't locate my last two paystubs but we have an employment verification hotline that is automated that I can provide them the number with. I gave them the last two years W-2's also, but they were asking for 2 paystubs which I can't locate. (I also an hesistant to give my W-2's if I do find them because they reflect salary + commission, and when I applied I listed it as one gross amount, will this matter much?)
they ask for 30days of earnings. If you get paid weekly, then it's last 4.
If you get paid bimonthly or biweekly, then it's 2 paystubs.
They want to see your paystubs to see the breakdown of your pay.
Also, most lenders are requiring it to reduce fraud.
Quote:
Originally Posted by ooodsie
Are they looking to verify I am still currently employed? I can't locate my last two paystubs but we have an employment verification hotline that is automated that I can provide them the number with. I gave them the last two years W-2's also, but they were asking for 2 paystubs which I can't locate. (I also an hesistant to give my W-2's if I do find them because they reflect salary + commission, and when I applied I listed it as one gross amount, will this matter much?)
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,846,184 times
Reputation: 958
Quote:
Originally Posted by ooodsie
Are they looking to verify I am still currently employed? I can't locate my last two paystubs but we have an employment verification hotline that is automated that I can provide them the number with. I gave them the last two years W-2's also, but they were asking for 2 paystubs which I can't locate. (I also an hesistant to give my W-2's if I do find them because they reflect salary + commission, and when I applied I listed it as one gross amount, will this matter much?)
Salary plus commission will matter. The LO will need to break down the salary and the commission, and each will need to be averaged separately.
I can't locate my last two paystubs but we have an employment verification hotline that is automated that I can provide them the number with.
Contact your payroll department and request copies of your last 2 paystubs. I have never found a company that won't do this.
Quote:
(I also an hesistant to give my W-2's if I do find them because they reflect salary + commission, and when I applied I listed it as one gross amount, will this matter much?)
You may be "hesitant" to give them your W-2's, but if you don't, you won't get the mortgage.
Why aren't you asking your mortgage broker about this?
Any time someone is hesitant to do something because they stated one thing on an application and the truth is another.... you don't need to ask the question. Clearly you realize that you are not offering full disclosure to the loan officer and even if you might find a way to keep this going it could come crashing down around you at the last minute.
People blame loan officers for these issues or for fraud, but it starts with the consumer. This isn't outright fraud but it sure isnt honesty either.
The commission income will be averaged for the last 2 years and they will want to know if it is likely to continue. Its best to let the loan officer know NOW than wait and hope the UW doesn't catch this down the road. It will save you time, effort and money.
Your loan officer should have asked you at time of application how you get paid. dont worry about fraud, but definitely do what rcarrillo is suggesting. Call your loan officer now, let them know about your pay so the lender can underwrite your loan. But now you know why lenders what paystubs, it breaks down your pay to base, commission, overtime, etc...
Your loan officer should have asked you at time of application how you get paid. dont worry about fraud, but definitely do what rcarrillo is suggesting. Call your loan officer now, let them know about your pay so the lender can underwrite your loan. But now you know why lenders what paystubs, it breaks down your pay to base, commission, overtime, etc...
Yes, I want to make clear that I didn't want to imply you had done anything illegal. It is an honest mistake and you aren't expected to know how to split your income. I get that all the time when people say they make $100,000 but only $60,000 is base and $40,000 is commission or bonus. That is fine.
Now that you know and you need to prove it however... it gets stickier. If you try to deceive the lender and find "creative" ways around this its a lie by ommission. These days the regulators aren't playing games and if they order transcripts from the IRS or contact your employer for a breakdown and find a problem they will audit the file.
i didn't mean to say i was weary showing my w-2's i meant paystubs.. my w-2's show the same yearly income for the past 4 years (my commission is based on a scale of 0-100% and i have never once not gotten the full 100%) .. so if i show her my past two pay stubs, one will be commission and one won't. the commission is paid monthly. so how do they average the commission based on 2 paychecks? or do they just average it based on my total earnings on my two w-2's they requested? basically, as long as they see one check w/ commission and one w/o but consistant w-2 income, i'll be fine? also - i contacted HR and they are sending out 2 new paystubs but it'll take a week or so - i told the mortgage broker that it would take a week she said it was fine and they are almost done with underwriting and the paystubs are fine whenever and she will just add them to my file. if they get done with the underwriting and approve me, will they take it back when they see it is commission + salary, or will it not matter at that point since they already have the w-2s? sorry for all the questions.. i wasnt purposely trying to hide the commission, the original application didnt break it down by category, so i didnt bother explaining and just put gross salary total.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
