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Underwriter and proof of rent

tag
let
Regular Contributor

Underwriter and proof of rent

Our L.O just called us and said that the U/W is requesting proof of rent, ok, here is the problem we used to pay with checks but, our landlord would literally hold them for up to 3 months and then cash 3 of them all at once! so we started just sending money orders...and no I know that I don't have them all..I am kicking my self for not being responsible!!!  what is it that we need to get him to get over this hurdle?? our L.O is going to call and talk to her tomorrow and ask her how long we have lived here, how much we pay and if we were ever 30 days late....not worried about any of that stuff, but what can I do about the money orders? Can she get the U/W or L.O. a notorized letter?

Message 1 of 17
16 REPLIES 16
donkort
Valued Contributor

Re: Underwriter and proof of rent

Have you got the receipts from the money orders you bought?
FICO 8: EQ 810; TU 816; EX 822 as of 7/5/2022
Message 2 of 17
let
Regular Contributor

Re: Underwriter and proof of rent

I have some but not a lot, what I do have though, is some of the receipts she would send us (she lives out of town and we mail our rent to her and she mail us back receipts)
Message 3 of 17
donkort
Valued Contributor

Re: Underwriter and proof of rent

If your landlord has monthly receipts, and/or receipts from your money orders, it's much better than if you had no receipts at all.  In fact, it would probably be all right with the underwriter, especially if you have a receipt for each month.

 

Correct me if I'm wrong, experts.

FICO 8: EQ 810; TU 816; EX 822 as of 7/5/2022
Message 4 of 17
Anonymous
Not applicable

Re: Underwriter and proof of rent

I'm no expert, but  they contacted my landlord and sent her a paper for her to fill out. I never turned in any receipts myself. 
Message 5 of 17
westcon5
Valued Member

Re: Underwriter and proof of rent

No expert here either...

 

I just had my file approved by underwriting last week and the rental verification was sent to my current landlord. I was not asked to provide any receipts or check copies of payments. My LO sent me the VOR form to hand deliver to the landlord since they said they didn't get it, so I had a chance to see what it looked like. It seems pretty standard. All it asked for was:

 

Rented From-To

Rent $ per month/year

In arrears: yes/no

If so, amount, dates

# of times 30 days late in last 12 months

Is account satisfactory? yes/no

Additional Information/Comments

 

That is it. It can't take more than 5 minutes to fill out if their records are organized.

 

Maybe your UW already has done this and there was a discrepancy somewhere if they are asking you for proof?

Message 6 of 17
let
Regular Contributor

Re: Underwriter and proof of rent

According to our L.O. all he wants is   statements (from Dec 09, Jan and Feb 10 ) showing the deposits of my child support, the rent verification and Febuary bank statements.  We had small overdrafts in one our statements we turned inSmiley Mad...she says other than that she thinks everything is going fine. ??? oh, and acutal cancelled checks from earnest money contract ( we gave them copies of the checks and the bank statements showing all of the checks we gave the builder cleared) I'm thinking maybe those small overdrafts kind of hurt us.  My credit score is better than my DH's, his  is at 620..don't know if that has anything to do with it...
Message 7 of 17
Anonymous
Not applicable

Re: Underwriter and proof of rent

I had to provide the same thing.  After much scrambling and getting all the checks and cashier check stubs in order, I was cleared for docs and closed on the 11 last month!!  Pain in the rear and stressful but well worth it in the end!!
Message 8 of 17
DallasLoanGuy
Super Contributor

Re: Underwriter and proof of rent

most lenders wont take a VOR from a private party (like joe who has a house to rent)

they want it from apt complex, ect.

 

12 months bank statements show the rent amount coming out?

Retired Lender
Message 9 of 17
let
Regular Contributor

Re: Underwriter and proof of rent

update**not much of one** we finally turned everything in to the underwriter, got the rent verification taken care of, etc...heard from our lender and asked her, "so tell me, are we going to make it ?" she sent me in an e mail back and said " I say YES!" she said the UW was bieng positive....

 

I'll update as soon as we know something. Just got back from the final walk through of our new home, I almost cried at the thought of it not bieng ours....

Message 10 of 17
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