As the new year kicks off, make sure that you keep one thing in mind: now that we’re in 2022, you’re going to have to submit your 2021 end-of-year pay stubs.
That’s right because we’re already in 2022, your underwriter is going to ask that you hand over your complete earnings from last year.
But wait a minute, you’re probably thinking, it’s only January!
We know, but in all the rush to start things off on the right foot, it’s easy to miss such a small, but important detail. But hey, it’s a quick fix.
Send in Your End of Year Pay Stubs
Once you send them over to your processor. Your processor will be the person in charge of sending your documents over to the underwriter—the person at the bank in charge of deciding whether or not you qualify for a loan.
Since we’re already in January, you should’ve already received your last paycheck for 2021. Just scan it and email it to your processor, or upload the document in our Arrive portal for faster processing.
Get a Written VOE
The next thing you can do is to get a written VOE. VOE stands for a verification of employment. It’s when your processor reaches out to HR at your company or otherwise gets a letter or document confirming your pay and employed status.
Luckily for you, Rate Leaf works with UWM, a wholesale lender who already provides electronic VOEs without you ever having to lift a finger. It’s saved us countless hours of work in January, whereas other lenders have had to scramble to piece together the right documents within a short period.
Submit Your 2021 W2
If you happen to work at a well-organized company, then you might already have your 2021 W2. If that’s the case, simply keep it handy—along with the other two year’s worth of W2s that you’ll need to submit.
Timing Is Important
Home loans are time-sensitive things. When you sign a purchase contract, you’re agreeing that the transaction is going to be completed within a certain time frame. With us, that means days—not months. That’s why making sure that we have all of your loan documents handy is crucial, because the faster we get your information verified and approved, the faster we can lock in your rate and turn you into a homeowner.
There’s also the very important fact that if for some reason a loan isn’t completed on time, the borrower (aka you), will lose their escrow deposit. Escrow deposits are thousands of dollars of hard-earned money—and we won’t be letting that go to waste on our watch.
If you’re looking to buy a home, speak to one of our loan officers today and ask them about our Exact Rate program!