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#2214223 - 05/22/19 08:57 PM income for "complete application" on TRIDs
scb2011 Offline
Gold Star
Joined: Mar 2011
Posts: 258
TN
What do most banks considering as having the monthly income for a TRID loan applicant? The estimate from the customer at the time of application or submission of personal financial statement? Or once the proof of income from a paystub or tax return is received?

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TRID - TILA/RESPA Integrated Disclosures Rule
#2214225 - 05/22/19 09:03 PM Re: income for "complete application" on TRIDs scb2011
MScarn6942 Offline
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Joined: Aug 2015
Posts: 756
Land Lacking in Lakes, IL
The estimate from the customer at the time of application.
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#2214243 - 05/22/19 11:02 PM Re: income for "complete application" on TRIDs scb2011
TMatt87 Online
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TMatt87
Joined: May 2011
Posts: 1,984
Idaho
Agree. You can't wait for verification docs to issue early disclosures.
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#2214375 - 05/24/19 07:34 PM Re: income for "complete application" on TRIDs scb2011
RR Joker Offline
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RR Joker
Joined: Nov 2002
Posts: 20,654
The Swamp
This ^^^
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#2222436 - 09/26/19 10:54 PM Re: income for "complete application" on TRIDs scb2011
Tarhe Offline
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Joined: Nov 2006
Posts: 1,403
California
We have a situation where rental income was entered on a schedule of real estate. That is the only income figure we currently have. If that is not the borrower’s only source of income, would we say we do not yet have “Income” under ALIENS?

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#2222438 - 09/26/19 11:07 PM Re: income for "complete application" on TRIDs scb2011
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
Maybe that is their only income - who is to say - you have an income figure.
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#2222439 - 09/26/19 11:18 PM Re: income for "complete application" on TRIDs scb2011
Tarhe Offline
Diamond Poster
Joined: Nov 2006
Posts: 1,403
California
Thanks.

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