Verified Income definition

Verified Income means when, subsequent to receiving a credit application, Santander obtains written or oral verification, that the income information submitted on a credit application to Santander is accurate.
View Source

Examples of Verified Income in a sentence

  • During a Verified Income Forbearance Period, you will not be required to make your Regular Monthly Payments.

  • If you received the Low Income Forbearance benefit, your APR may be reduced below the APR we listed on your Approval Disclosure and Final Disclosure because, even though interest will accrue at a rate of 5.25% during the Verified Income Forbearance Periods in which you will not be required to make payments, those periods will lengthen the overall life of the Repayment Period; this has the effect of reducing your Annual Percentage Rate.

  • Instead, each month of a Verified Income Forbearance Period will extend your Repayment Period by one month (i.e., on a one-for-one basis).

  • If we determine that your Income during a Verified Income Forbearance Period actually met or exceeded the Income Threshold in contravention of statements you made to us, then you will have a “Failed Income Forbearance”.

  • Any Verified Income Forbearance Period will end when the earliest of the following occurs: (A) your loan is repaid in full; (B) this Agreement is terminated; (C) you are found to be in default under this Agreement; (D) your loan is discharged for any reason; (E) your Verified Income Forbearance Period expires; or (F) you tell us that you no longer qualify for Low Income Forbearance and/or you would like to end the Verified Income Forbearance Period early and resume making Regular Monthly Payments.

  • This may include: Provider Assignment Review Pending, Provider Assignment Verified, Income Review Pending, Income Verified, and Provider Acceptance.

  • Once your Verified Income Forbearance Period expires, you may request another Low Income Forbearance subject to these terms.