This is a document related to a loan file which is dependent on information such as pay-stubs, W-2 forms, and bank stubs. This is done without depending on verifications sent to third parties for confirmation of statements made on the application.
MP] Expedited and simpler documentation requirements designed to speed up the loan approval process.
If a Death Certificate is not available to start an estate, alternative documentation may be used. Alternative Documentation includes a letter from the morgue, hospital or funeral home, or an obituary as proof of death.
A documentation option that allows lenders to obtain documentation related to a borrower's income, employment, funds for closing, and mortgage payment history directly from the borrower, rather than from the borrower's employer, bank, or mortgage servicer. Samples of alternative documentation include W-2's, bank statements, pay stubs, and canceled checks.
Use of bank statements, W-2's, and pay stubs to document an applicant's income and assets instead of verification forms mailed by the lender.
A substitute method of providing the documentation necessary to approve a loan. For example, bank statements may be substituted if it is not possible to provide written verification of the bank balance directly from the borrower's bank.
A method of documenting a loan that relies on information the borrower is likely able to provide instead of waiting for verification from third parties to confirm statements made in the loan application. For example, bank statements may be used to determine income in lieu of tax returns or pay stubs.
The use of pay stubs, W-2 forms, and bank statements in lieu of Verifications of Employment (VOE) and Verifications of Deposit (VOD) to qualify a borrower for a mortgage.
A method of documenting a loan file, often referred to as Alt Doc, that relies on information that the borrrower is likely to be able to provide, rather than waiting on verification sent to third party for confirmation of statements made in the mortgage loan application.
A method of documenting a loan file that relies on information the borrower is likely to be able to provide instead of waiting on verification sent to third parties for confirmation of statements made in the application.
A method of documenting a loan that relies on information the borrower is likely able to provide instead of waitingas a substitute for verification sent to third parties to confirm statements made in the loan application. For example, traditional full documentation calls for the lender to get a written verification of bank balance directly from the borrower's bank. Under alternative documentation, the lender instead relies upon copies of bank statements provided by the borrower.
Typically, a lender will send out forms to your employer, depository institution and lender to verify the information that you provided on your loan application. To streamline the process, lenders accept "alternative" forms of this verification such as paycheck stubs, tax returns, copies of bank statements, etc.