Red Flags to watch out about Pay Stubs

By
Real Estate Agent with United Property Brokers, Inc

Red Flags to watch out about Pay Stubs

Aurora Colorado Real Estate, Aurora Colorado Homes, Colorado Homes for sale, Homes for sale in Colorado, Colorado realtor, Colorado Real Estate Agent, Spanish speaking realtor, Spanish Speaking Real Estate Agent, Colorado spanish speaking* 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 FraudAurora Colorado Homes, Aurora Colorado Real Estate, Aurora Colorado Realtor, Aurora colorado real estate agent, colorado homes for sale, homes for sale in colorado, spanish speaking realtor, spanish speaking real estate agent, colorado spanish speaking


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

Aurora Colorado Real Estate Homes for sale in Colorado Spanish Speaking Real Estate Agent Realtor 

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Ambassador
1,028,438
Celeste "SALLY" Cheeseman
RA, CRS, Hawaii Mililani Oahu Real Estate
Century 21 Liberty Homes
Interesting. You've really been working hard at your research and attending these seminars!
May 22, 2007 11:40 PM
Rainmaker
591,122
William J. Archambault, Jr.
The Real Estate Investment Institute

Ray,

Same comment.

Great Post.

 

Bill

May 23, 2007 02:43 AM
Rainmaker
294,842
Ray Saenz
Homes for Sale in Aurora, Colorado - Aurora, CO
United Property Brokers, Inc

Sally :)  yes   hope that it will help many of you at least for a broad education to know how to stop and see red flags :)  thanks for stoppping by

 

May 23, 2007 10:28 AM
Rainmaker
294,842
Ray Saenz
Homes for Sale in Aurora, Colorado - Aurora, CO
United Property Brokers, Inc

Bill, thanks for stopping by and check my blogs, I hope that you are doing fine, keep the good blog / work.

your friend

May 23, 2007 10:29 AM
Ambassador
568,504
Lizette Fitzpatrick
Lizette Realty,Lexington KY MLS - Kentucky Homes -
Lizette Realty - Lexington KY - Richmond KY
Hmmmm....these are many good points to ponder. I love that you take the time to do an indepth study of a day in the life of my mortgage broker. She's usually the one that gets to figure all this out. Great job Ray!
May 23, 2007 11:17 AM
Rainmaker
251,997
Paul David Hiebing
Quad-City REALTORĀ®, @ Grampp, Realty of The Q.C.
Grampp Realty: Real Estate in the Quad-Cities

Ray,

I actually had a buyer client once who provided his mortgage lender with three W-2 forms for the three jobs he had held the previous year....

Not a big deal... usually

However, after about three weeks (and four days before closing on the purchase of a home) the underwriter for the lender discovered that the three W-2 forms had THREE DIFFERENT Social Security numbers on it... all with the same person's (my clients) name on them...

Turns out he came to this country, had a legitimate guest worker's ID card (#1), a valid Social Security # that he bought on the streets off Dallas, Texas which belonged to another person (he couldn't remember his worker ID #), and his own REAL SS #....

Needless to say, we didn't close on that sale...

Ever since then, I check all the documents my clients provide me with to insure they match up. 

And, that was before 9/11... now they are checking things even more carefully.

May 23, 2007 04:37 PM
Rainmaker
294,842
Ray Saenz
Homes for Sale in Aurora, Colorado - Aurora, CO
United Property Brokers, Inc

Lizette, :)  well I just want to share what I have, what I know and what I think that it can be useful for you :) thanks for always being around :)

 

May 24, 2007 06:39 AM
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Rainmaker
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Ray Saenz

Homes for Sale in Aurora, Colorado - Aurora, CO
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