Alternative Documentation

Alternative Documentation

Expedited and simpler documentation requirements designed to speed up the loan approval process.

Instead of verifying employment with the applicant's employer and bank deposits with the applicant's bank, the lender will accept
paycheck stubs, W-2s, and the borrower's original bank statements. Alternative  documentation  remains “full  documentation,”  as opposed to the other documentation options. See Documentation Requirements/Full Documentation.

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References in periodicals archive ?
Green Building Council will allow principals behind nonresidential projects subject to mandatory 2013 California Green Building Standards Code (CALGreen) requirements an alternative documentation path toward LEED certification.
The New Mortgage Company Uses Alternative Documentation To Understand Self-Employed Borrowers Deemed Too Risky By Banks
The National Foreclosure Mitigation Counseling Program recently released a report indicating the number of people delinquent in their subprime loans, as well as Alt-A loans, which are loans that can be obtained with alternative documentation.
Although he does not personally believe AU 9326 broke the treaty, Keller says some auditors have not interpreted the new rules correctly by insisting that clients waive privilege when alternative documentation should suffice.
The FBR report, Reconsidering Alternative Documentation Mortgage Loans: The Subprime Case, noted that approximately one of every three subprime borrowers preferred loans with alternative documentation to full documentation.
WLOConnect develops solutions for alternative documentation loans, specializing in the Alt-A product.
As a specialist in the niche loan arena, many of our goals focus on educating the brokerage community on alternative documentation products," said Bill Lopez, director of mortgage banking for WLO.
Loans originated under the company's full or alternative documentation program account for at least 92% of the pool.
In 2005, we anticipate capitalizing on the fact that alternative documentation loans will continue to make up a significant portion of today's lending market.
Created as a division of Preferred Financial Group in late 2002, WLO develops solutions for alternative documentation loans, specializing in the Alt-A product.
In addition, the pool contains approximately 54% alternative documentation loans, and 44% jumbo loans (balances over $300,000).
The pool contains 31% alternative documentation loans and 35% cash-out refinance loans.

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