Salary plus commission? Why not?

[Sylvrbak]

thank you Shane, i will send them a copy of this as they say they are going on FNMA guidelines..... to answer regarding year end stubs, i have not yet, but will inquire first if the underwriter will accept those documents instead. i have however, provided 17&18 W2's. I have also provided two years commission checks total of 9 checks, 1 per quarter begining 4th qtr 2017 to third qtr 2019, most recent was this past November.

I received a secured email today from them advising they cannot use my commission. below is the LO stated reason for not allowing; commission is totally untrue.

"Also your commission income stopped in April 2019. Why is that? To use it your company is going to have to now verify the commission income will continue, and certify why your contract status changed, and if your duties and pay changed, as well as explain why no commission income has been received in 8 months. This was decisioned by Underwriting. If your company is willing to speak to us, let us know. Otherwise we won’t be counting your commission income".

i work for a very large corporation it is not their policy to verify and ive explained this multiple times. uuuugggh!!

[ShanetheMortgageMan]

All they need is the end of year paystubs, they don't need each paystub that you recieved a commission for.  

However, has your income commission ceased?  The email from the LO seems to indicate that commissions are no longer being received after April 2019 - is that indeed the case?

[JVille]

Your year end paystubs need to immediately go to the lender! BS on asking first, in fact include 2016 too as well as most recent along with a letter from you AND you District or Regional manager. Trust me this is not the first time this has come up.

Now Explain why the lender thinks your Commission income stopped in April? Have you not provided additional paystubs? You income is absolutely useable if presented correctly and to most lenders.

[Sylvrbak]

Jville,

i believe the lender should explain this as i've said, i have provided commission checks through 2019 and

there is no valid reason for them to state this. it is an untrue statement. 

I reached out to the forum to determine if I what is going on is normal or varies from lender to lender. I have nothing to hide, there is no reason for what is taking place, at least that I can think of.

[JVille]

My point is you do not need to ask if they want those Year End paystubs. It’s a wasted extra step. Underwriting absolutely needs those stubs. I would also recommend contacting your HR Dept and explain the need for a letter of explanation or to a Regional or District Manager in regards to the lack of full disclosure in regards to your Income.

Bottom line your Tax Returns and year end paystubs clearly show your source of income.
The only thing not clear is the Lender thinking you have not received Commission since April. Is your bonus and Commission paid only Once, Twice or quarterly? That statement is confusing.

[Sylvrbak]

Jville,
Thank you for your input, i have sent year end stubs along with all commission earned in 2019 just in case . My employer hires the work number as third party VOE and does not directly share employment info. The verification does not specifically state i am salary plus commission.
Honestly i think somethings may have come up missing during the transition from the first LO to the second...we will see.

[Sylvrbak]

Jville,
Thank you for your input, i really do appreciate the support. I have sent year end stubs along with all commission earned in 2019.

I am paid quarterly commissions. I too feel this should be going smoother than it has.