![]() ![]() Additionally, the software is plug-and-play, meaning the lender's loan officer doesn't have to explain what the fuck gross income is because the borrower used their w-2 and other documents to file taxes, even if they don't know what the numbers actually mean. Why is it off the mark? Because people lie, but probably lie less to the IRS than to a lender because they have more to lose in most circumstances. " It does give a more accurate picture of what the potential borrows finances actually look like because self-reporting is often way off the mark. I literally said in my above comment what you editted in: What if someone lost their job since they received their w-2 (this is the big one)? Got hit with a judgement not reflected on a credit report (it happens occasionally) and had their wages garnished since the end of the last fiscal year? Add in other scenarios as you please. Here, please treat others with respect, stay on-topic, and avoid self-promotion.Īlways do your own research before acting on any information or advice that you read on Reddit.Īfter working in retail lending for several years, a w-2 is not the golden standard for income verification. Get your financial house in order, learn how to better manage your money, and invest for your future. ![]() ![]() Private communication is not safe on Reddit.
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