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 ?
Additionally, 28.2% of the pool was originated as investment properties and a small percentage of loans were underwritten using nontraditional documentation, such as asset qualification (1.5%), or alternative documentation such as the use of 24 months of bank statements (2.2%).
Borrowers applying for an IDR plan should submit alternative documentation of income to their loan servicers after they submit an online application.
Of the 10.8% low documentation loans, 99.0% are classified as 'alternative documentation'.
The alternative documentation path outlines a set of documents that projects may provide in lieu of standard documentation in order to demonstrate LEED compliance.
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. For many, they are more easily obtained and tend to be riskier than prime loans, but not as risky as subprime.
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."

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