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It used to be that lenders mailed
out verifications to employers, banks, mortgage companies, and
so on, in order to verify the data supplied by borrowers.
Nowadays, things move faster. "Alternate documentation"
has become more widely used.
Alternate documentation
means that underwriting answers can be obtained with information
supplied directly from the borrower instead of waiting around
for verifications to come back in the mail.
The following page lists
the items you will most likely need to speed the processing of
your home loan. Items may differ according to whether your
loan is a confoming (Fannie Mae or Freddie Mac), non-conforming
(jumbo) loan, government loan, or a portfolio loan.
Verifications are still mailed out, but
usually as part of quality control procedures.
copyright 2006 by Terry
Light and RealEstate ABC
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