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#2281516 - 02/24/23 03:15 PM Withdrawn - Which Income to Report
Laurlee Offline
New Poster
Joined: Sep 2015
Posts: 23
I'm reviewing a Withdrawn File. The borrower expressly withdrew the application before the file was sent to underwriting.

I have an income stated by the Applicant of $5,000 per month on the application that includes overtime.

The Lender did preliminary underwriting, I have a Transmittal Summary in file with a monthly income of $4,000 per month (omitting OT).

Which Income do I report for the Withdrawn file?

Thank you!

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#2281520 - 02/24/23 03:49 PM Re: Withdrawn - Which Income to Report Laurlee
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
See pages 17 & 18 (pdf pages 71 & 72) in the 2022 GIR.

Enter, in dollars, the gross annual income relied on in making the credit
decision, or if a credit decision was not made, the gross annual income
relied on in processing the application. Round all dollar amounts to the
nearest thousand (round $500 up to the next $1,000).
Example: If the income amount is $35,500, enter 36.

In this case you relied on $4000 per month in processing the application. That is the income you report.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#2281523 - 02/24/23 03:59 PM Re: Withdrawn - Which Income to Report Laurlee
Laurlee Offline
New Poster
Joined: Sep 2015
Posts: 23
Thank you!

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