| It used to be that
lenders mailed out verifications to employers, banks, mortgage
companies, and so on, in order to verify the data supplied by
borrowers. Nowadays, things move faster. "Alternate documentation"
has become more widely used.
Alternate documentation means
that underwriting answers can be obtained with information supplied
directly from the borrower instead of waiting around for verifications
to come back in the mail.
The following page lists the
items you will most likely need to speed the processing of your home
loan. Items may differ according to whether your loan is a confoming
(Fannie Mae or Freddie Mac), non-conforming (jumbo) loan, government
loan, or a portfolio loan.
Verifications are still mailed out, but usually
as part of quality control procedures.
copyright 2000 by Terry
Light and RealEstate ABC, modified 2002 |
