June 22, 2015 - 9:28am
#1
Morning All,
I am auditing a mortgage file with Fannie Mae Selling Guidelines. How are you verifying a 401K loan payment not to be included in the debt to income ratio?
Are you looking for a copy of loan documents of the 401K loan, that the loan is secured by the financial asset? Which would be the individuals retirement account.
Or, do you just accept a copy of the payroll stub that show that there is a 401K loan being deducted from the borrowers income (hourly wages)?
Thank you
Diana
[email protected]
