Nationstar (HAMP) - What income verification is needed after the trial payments?

[Baltimore Blues]

I have made my trial payments to Nationstar for the HAMP program and was informed by them that I will be receiving the final paperwork to modify my loan within the next 30-45 days. They mentioned that part of this process would include verifying that our income is similar to what was stated during our initial application. This seems strange to me since part of the initial application was my tax returns, pay stubs, etc., but I digress.

What I would like to know is, will they ask for updated income verification, and if so, what type of verification do they use for commissions? I am a salaried employee who also receives commission from time to time. They were able to see my commission last year on my tax return. What type of verification will they need to see year to date, or will they even ask for that?
If they will require commission verification for year to date, how do they calculate your income? Will they go off of this year exclusively or do an average of the last couple of years?
Thanks in advance for any help you can give.

[Evan Bedard]

Hi Baltimore Blues,

What I would like to know is, will they ask for updated income verification, and if so, what type of verification do they use for commissions? I am a salaried employee who also receives commission from time to time. They were able to see my commission last year on my tax return. What type of verification will they need to see year to date, or will they even ask for that?
If they will require commission verification for year to date, how do they calculate your income? Will they go off of this year exclusively or do an average of the last couple of years?
Thanks in advance for any help you can give.

Did you include your commision as income when you first submitted the package?

[Baltimore Blues]

Originally Posted by Evan Bedard

Hi Baltimore Blues,



Did you include your commision as income when you first submitted the package?

My commission for 2008 was listed in my tax return. I also gave them my estimated monthly commission (which is about $1,000 per month). The reason I ask is that my 2007 and 2008 reflect my typical monthly commission. Through a complete fluke of our business cycle this year I received an $8,000 commission check which I will never receive again. However, I am worried that this one time check will ruin our chances at the modification.

[MrBillyd]

I would say your hosed. I just got denied. I am hourly with no commission. The first 3 months of the year I worked major over time. I apply in AUG. and have not had any over time since April. My company gave me a letter, about layoffs and that OT has been shut down.

My average gross the past 5 months has given me a housing DTI of 32.5-35%. The people at Provident used my year to date on my paystub and told me my DTI was 28%.
So good luck not having them look at commission

bill

[Baltimore Blues]

Originally Posted by MrBillyd

I would say your hosed. I just got denied. I am hourly with no commission. The first 3 months of the year I worked major over time. I apply in AUG. and have not had any over time since April. My company gave me a letter, about layoffs and that OT has been shut down.

My average gross the past 5 months has given me a housing DTI of 32.5-35%. The people at Provident used my year to date on my paystub and told me my DTI was 28%.
So good luck not having them look at commission

bill

Thanks for sharing your experience. I was wondering more what income verification (if any) they will require when they send the final loan modification paperwork. I had already submitted my commission and YTD for the year when we originally applied and I was in line for an approval.

I am wondering if when they send the final paperwork for the modification if they will require a new round of income verification.

Thanks again!

[Evan Bedard]

I am wondering if when they send the final paperwork for the modification if they will require a new round of income verification

Once you receive the paperwork for a permanent modification you will not be required to send in any additional info..