Posted By: Dodge
Disability Income- - 01/16/15 05:57 PM
We have an applicant who has applied for a loan to purchase a home. The customer has informed us that he was denied at another back because he was not currently receiving income.
For the majority of 2014, the customer was on disability. The disability stopped in October because his doctor didn't send in the paperwork to renew the disability. The customer has stated that the doctor has sent in the paperwork and should receive his disability owed to him from October to now and will have a monthly check till he goes back to work in the summer.
What do you do in a situation like this? The applicant does not know when he will receive his disability, but he thinks it will be soon. We cannot ask the doctor for proof that the applicant will be receiving disability. Could this be a fair lending issue if we denied this loan as well because applicant hasn’t received their disability?
For the majority of 2014, the customer was on disability. The disability stopped in October because his doctor didn't send in the paperwork to renew the disability. The customer has stated that the doctor has sent in the paperwork and should receive his disability owed to him from October to now and will have a monthly check till he goes back to work in the summer.
What do you do in a situation like this? The applicant does not know when he will receive his disability, but he thinks it will be soon. We cannot ask the doctor for proof that the applicant will be receiving disability. Could this be a fair lending issue if we denied this loan as well because applicant hasn’t received their disability?