1. Verification of the lease agreement by a registered property management company

* When renting an apartment or house from a registered property management company, the VOR form provided by the lender may be completed by the manager:

- The completed VOR form can be used for rental verification instead of 12-month canceled checks and/or bank statements for rent payment
- If you are not renting an apartment or house from a registered property management company, you must deliver canceled checks for 12 months in a row
- Payments are not to be missed
- 12 months of timely payment to the servicer and/or mortgage underwriter required
- If your rent is delayed within 12 months, the rent verification will be invalid and you will not be able to use it

* The Rent Verification cannot be used if you have paid most of your rent with checks but have been paying in cash for several months.

2. Is rent verification required for all mortgage applicants?

* No, proof of rent payment is not required for all mortgage applicants, but if the borrower can present it, it is a huge compensatory factor and a very long way to go.

- It is often the case that the loan receipt is mandatory
- Especially when it comes to Automated Underwriting System (AUS) approval
- VOR is usually required for all manual mortgage applications

* Oftentimes, borrowers who have less than 600 credit points may also be required to provide proof of rental.

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* You want to know more, contact The Gustan Cho Team at 262-716-8151 or send a text message for faster response.
Or write to us at gcho@loancabin.com. We are available 7 days a week, in the evening, on weekends and holidays.

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ALEX CARLUCCI - SVP Mortgage Banker, NMLS# 229891

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