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Is bonus and commission income treated equally?

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PanthersFan
New Member

Is bonus and commission income treated equally?

Long story short, trying to get a mortgage.. I switched jobs a little over a year ago, i stayed in the same line of work and my pay structure stayed the same (base pay plus commission/bonus) the little problem I ran into is my current company lists it as bonus pay whereas my previous employer had it listed as commission. Keep in mind that its very similiar to how my previous employer paid, i get a % for my overall sales that month and it is paid consistently once a month. 

 

Literally the only difference is in the wording, my current company says "bonus" but my previous company classified it as "commission." The loan officer contacted me today and asked for a letter of explanation which I already provided. Will this be a problem?! BTW i already know they use the average of past 24 months.

Message 1 of 6
5 REPLIES 5
DallasLoanGuy
Super Contributor

Re: Is bonus and commission income treated equally?

well, the biggest problem is that underwriters usually give panther fans a hard time..... so your screwed

 

Retired Lender
Message 2 of 6
DallasLoanGuy
Super Contributor

Re: Is bonus and commission income treated equally?

actually we treat it very similar.

i think your scenario would be fine.

 

we do verifications of employment and need to see what THEY say about the income as well.

 

yes, we treat it the same as in we average it over 24 months.

no, we dont treat it as the same as we need the employer to indicate that bonus is likely to continue

 

Retired Lender
Message 3 of 6
DallasLoanGuy
Super Contributor

Re: Is bonus and commission income treated equally?

GO COWBOYS!!!!!!!!!!!!!!!!!!!!!!!!

Retired Lender
Message 4 of 6
PanthersFan
New Member

Re: Is bonus and commission income treated equally?

Haha good pick up of Greg Hardy from us, and thanks for the info!

Message 5 of 6
DallasLoanGuy
Super Contributor

Re: Is bonus and commission income treated equally?


@PanthersFan wrote:

Haha good pick up of Greg Hardy from us, and thanks for the info!


yeah.... he gotz a chance for a ring this yr   ;-)

 

hope the info helps

 

 

Retired Lender
Message 6 of 6
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