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 ?
Borrowers applying for an IDR plan should submit alternative documentation of income to their loan servicers after they submit an online application.
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.
Starting July 1, nonresidential projects in California subject to the mandatory 2013 California Green Building Standards Code (CALGreen) requirements will be able to use an alternative documentation path for LEED.
Their online platform considers alternative documentation, unique financial factors, and hundreds of untapped data points to get a more complete picture of an applicant's financial capability.
Additionally, the absence of any type of alternative documentation program has affected the self-employed and those who have unusual income situations.
A lot of people may have bought prematurely," says Robertson, alluding to the freewheeling pre-recession days of alternative documentation options.
LaPolt researched alternative documentation methods and came across speech recognition as an option to use with the EMR.
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.
He added: "In cases where the information on the website differs from the official information, Revenue will accept certain alternative documentation presented from reputable sources.
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.
As procurement card programs become more widespread and better understood by taxing jurisdictions, they will undoubtedly be seen as a point of vulnerability for companies that have poor alternative documentation procedures regarding credit card purchases.

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