Common use of Borrower Qualification Numeric Clause in Contracts

Borrower Qualification Numeric. Integer 1 9 Always See Coding 1 = Not Stated, Not Verified 2 = Stated, Not Verified 3 = Stated, “Partially” Verified 4 = Stated, “Level 4” Verified (as defined) 5 = Stated, “Level 5” Verified (as defined) 108 Co-Borrower Income Verification A code indicating the extent to which the co-borrower’s income has been verified: ▇▇▇▇▇ ▇ Income Verification = [W-2 (Prev. Yr.) OR TAX RETURNS* (Prev. Yr.)] AND PAY STUBS (YTD (at least one month)–if salaried) ▇▇▇▇▇ ▇ Income Verification = 24 months income verification (W-2s, pay stubs, bank statements and/or tax returns**) *For self-employed borrowers: ▇▇▇▇▇ ▇ Income Verification: • 2 Years Tax Returns • Self-prepared tax returns (regardless of 4506 and tax transcripts) ** For self-employed borrowers: ▇▇▇▇▇ ▇ Income Verification: • 2 Years tax returns • Tax returns prepared and not executed by a CPA, with o CPA name & phone number shown on the Preparer section of the tax return o Executed 4506 and tax transcripts (matching returns in file) • Tax returns prepared and executed by a CPA (regardless of 4506 and tax transcripts) Borrower Qualification Numeric – Integer 2 9 If “Total Number of Borrowers” > 1 See Coding 1 = Not Stated, Not Verified 2 = Stated, Not Verified 3 = Stated, “Partially” Verified 4 = Stated, “Level 4” Verified (as defined) 5 = Stated, “Level 5” Verified (as defined) 109 Borrower Employment Verification A code indicating the extent to which the primary borrower’s employment has been verified: Level 3 Verified = Direct Independent Verification with a third party of the borrower’s current employment. Borrower Qualification Numeric – Integer 2 9 Always See Coding 1 = Not Stated, Not Verified 2 = Stated, Not Verified 3 = Stated, Level 3 Verified (as defined)