Most borrowers check stubs are issued by ADP or other well known pay check processing companies, but some borrowers (my husband included) have "different" check stubs.
When these "different" check stubs are submitted the underwriter often asks for additional documentation, but you can beat them to the punch by looking for a few things:
1. Does the pay stub have your borrower's full name and address on it?
2. Is the Year to Date (YTD) consistent with the number of months the borrower has been employed?
3. Does the Social Security Number (or last 4 digits of the number) match the check stub?
4. Are there any wage garnishments or loans on the check stub?
These are just a few of the questions you should ask yourself before you send in income documentation.
D. Bass
Mortgage Underwriter & Trainer
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