FIPCO Offers Reliable Checklist for Verifying Monthly Debt and Income
Lenders are now required to verify a Consumer's employment status and credit history, the current or reasonably expected income or assets that a Consumer will rely on to repay the loan, and the Consumer's debts, alimony and child support obligations. Lenders must verify the information they rely on using reasonably reliable third-party records.
Lenders may use WBA Form 130Q to document that Lender has verified Consumer's employment status, credit history, income or assets,and debt, alimony and child support obligations as required by the ATR rules.
The WBA 130Q is available in hard copy, electronic format and within our Compliance Concierge™ loan origination software. You can place an order for hard copy online (Stock No. 11908) or by contacting FIPCO's Sales at 800.722.3498. To find out more information on obtaining this form in electronic format, please contact FIPCO's Forms Department at 800.722.3498, ext. 271.
For more information on the WBA 130Q, please see the detailed forms notice.