Caretaker's income verification process combines automated verifications like bank account analysis with manual document review and written confirmation of income and employment from employers. Each income verification includes the below consecutive steps.
- Document review. Make sure that the submitted documents are what they claim to be and that the numbers in the documents match the income amount that was entered by the applicant.
- Extract the numbers that need to be verified
- Source verification. Look for public records that prove the employer exists and that the name of the contact provided currently works at the organization.
- Written confirmation. Make contact with the reference provided to verify all of the above. Speaking with them on the phone and obtaining email documentation is preferable.
- Report the verified numbers
Bonuses and commissions
Bonuses, commissions, or any other non-recurring income should not be included unless it's been consistent over the last 2 years.
If self-employment income is declining year-over-year, use the lowest amount.
For rental income use the net income amount.
Income from alimony or child support
Request additional documentation that it will be received for at least the next 1 year.
Review award letters for pension, Social Security, and/or disability income.
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