[Anonymous]

Under the small creditor QM standards:

If we use tax returns (with a transcript) to verify income, they will be several months old most likely so do we also need to obtain some kind of verification of current job status at the time of underwriting?

If so, would obtaining a bank statement showing the money is being direct deposited currently suffice?

[rcooper]

1026.43(c)(2)(i) states you must verify current income. I recommend obtaining what information you need to ensure that the income is current. And, yes, bank statements will suffice for verifying income.

[rcooper]

The regulation states that job status may be verified orally if you document the information obtained orally. It does not give a bank statement as an example of verification of employment status.

[Author]

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