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priorityfunding
140 Posts |
 Posted - 03/24/2008 : 2:56:31 PM
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I have a borrower who gets paid per hour with various pay per hour(reg.pay,sun.pay,OT, etc...) and gets paid weekly(every week). My usual formula would be to get the most recent paystub, get the gross y.t.d. amount, divide that y.t.d. by how many weeks have gone by in the year, times that avg.weekly amount by 52 weeks for the year divide that by 12 months and = my borrowers monthly income!!!
My question is do lenders pratice the same scenario or do they calculate any previous income such as 06 & 07's y.t.d's....
I appreciate the feedback... |
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mantixmortgage
2717 Posts |
Posted - 03/24/2008 : 2:57:25 PM
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ask your ae or uw
some underwriters get crazy with it |
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nowbroker
1387 Posts |
Posted - 03/24/2008 : 3:10:23 PM
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Few would just use the last 3 months.
I think many underwriters would average 07 income and YTD by the number of months.
Conservative underwriters will average '06, '07 and YTD by number of months (also depends on LTV, etc.) |
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1stintegritymort
1298 Posts |
Posted - 03/24/2008 : 3:13:09 PM
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| you probably need to get a full written VOE on this one to show the break down of the income. They will average any income over the base income. |
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CoolMtgGuy
3725 Posts |
Posted - 03/24/2008 : 3:18:20 PM
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| I would give the income numbers, without identifying the borrower, to an AE and ask them to have an underwriter calculate the income for you. Hourly paid, especially at different rates, could be challenging to come up with a number that several lenders will agree on. |
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