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
IncomePro removes the guesswork from the evaluation of a potentially high-risk stated income loan, enabling lenders to more carefully consider the validity of self-reported income.
These reports identify potentially significant exceptions that are instrumental to the evaluation of each opportunity and addressing suspect stated income information without jeopardizing the loan.
Added 100% LTV options for Stated Income Documentation;
Increased 100% CLTV options for Stated Income Documentation;
The frequency of overstated income on mortgage applications has discouraged many lenders from offering no income verification and stated income
7% of the loans were originated under a reduced documentation, streamlined, no ratio or stated income program, and 0.
14% of the loans were originated under a streamlined, reduced documentation, limited or stated income program, and 5.
Loans originated under Full, Stated Income
and Limited Documentation account for approximately 88.
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.