Stated Income

Stated Income

A documentation rule where the borrower discloses income and its source but the lender does not verify the amount.

SeeDocumentation Requirements/Stated Income-Verified Assets.

References in periodicals archive ?
In addition to these sales, B generates $150,000 of nonseparately stated income.
This case illustrates the need to index the AMT brackets and exemption amounts; to allow regular tax credits against the AMT; to allow more itemized deductions in calculating AMT; and to exempt from the AMT families with regular tax--adjusted gross income under a stated income level.
Industry analysis suggests up to 90 percent of stated incomes are exaggerated by 5 percent or more, and that 60 percent of stated incomes are inflated by more than 50 percent," said Romano.