Red Flags to watch out about Pay Stubs
* Check numbers do not increase chronologically
* Pay Stubs are handwritten.
* Year to date totals do not add correctly from check to check.
* Pay stub from a large employer should be computer generated.
* There are rounded dollar amounts.
* The amounts which are being withheld for Social Security here in Colorado is 6.20% and * Medicare is 1.45% are not within the percentage tolerance
* Year to year totals do not add correctly from pay stub to pay stub.
* Social Security Number is not consistent with the loan file information.
* Employer's name is not printed on the pay stub.
* Employee's name is not on the pay stub and their social security number is missing.
* Debts shown on the pay stub do not match the application (i.e., Credit unions loans, etc.).
* Sequence of the check numbers doesn't correspond with payroll dates.
* No YTD income is shown.
* Pay stubs provided do not cover a consecutive 30 day period.
* Type/font is inconsistent throughout the document.
* Payroll dates are incomplete (e.., an end date is not shown).
Information provided on the seminar by PMI, CO that I wanted to share with all of you so you can avoid mortgage fraud. These seminars are a goldmine.
Avoid Mortgage Fraud
If you missed:
Red Flags for Mortgage Applications - Click it here
Red Flags for Verification of Employment Click it here
Red Flags for W2 / 1099 Click it here
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