Proof of Income documentation is required on all loan requests (except a CLOC or Savings/CD Secured Loan) and provides evidence of:
- Applicant's stated income
- Applicant's stated assets
One or more of the following Proof of Income documents must be obtained from the applicant:
- W-2 form
- Pay stubs
- Most recent tax return (self-employed)
- 1099 (self-employed)
A business applicant may also be required to provide:
- Financial statements
- Income statements
- Balance sheets
What do I do with it?
- Exposure over $750,000 or high volume client: Abrigo
- Exposure less than $250,000 but refer to often: Abrigo
- Consumer with exposure less than $750,000 or few requests: Synergy