No-Income Loan

No-Income Loan

A documentation requirement where the applicant's income is not disclosed.

See Documentation Requirements.

References in periodicals archive ?
Figure 1 Stated-Income and No-Income Loan Types Category Program Income Assets Stated-Income (SI) Stated-Income/ Stated, Stated, Verified-Assets (SIVA) not verified verified Stated-Income/ Stated, Stated, Stated-Assets (SISA) not verified not verified No-Income (NI) No-Ratio Not stated, Stated, (No-Income) not verified verified No-Income/ Not stated, Not stated, No-Assets (NINA) not verified not verified No-Doc Not stated, Not stated, not verified not verified Category Ratios Employment Stated-Income (SI) Calculated Stated, sometimes verified Calculated Stated, sometimes verified No-Income (NI) None Stated, sometimes verified None Sometimes stated, sometimes verified None Not stated, not verified SOURCE: MGIC
The bill would also ban no-income loans, force lenders to ensure that borrowers have the ability to repay loans, and attempt to make the compensation of mortgage brokers and loan officers more transparent.
Expect more of a focus on stated-income loans with more careful scrutiny and a move away from no-income loans.