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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
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