TOPIC: Ability To Pay

Short-term disability as income

Employee at a bank ($374MUSA)
Good morning,
We have had a situation arise that we are unsure how to deal with. We have a loan applicant who is currently on short-term disability, which is less than their normal income. The applicant does not know how long they will be on disability. How do we determine the terms of the loan? If we use the disability as her income, the applicant could potentially be approved for less, but we do not know if/when their normal income will be reinstated.

Any guidance would be appreciated.

    Can you do one 4506T form when doing multiple loans to one customer

    VP at a bank ($14.3BUSA)
    If a borrower has two loans that are in process at the same time, is it customary to rely on just one signed 4506T form for both loans? It would make sense to me to have the borrower only sign one form because there is no loan number referenced on the form and you wouldn't order the transcripts twice as they are going to be the same.

      Help Consumers Make Ends Meet During Times of Crisis

      Now, more than ever, your account holders need access to cash at an affordable interest rate. Learn more about our compliant and responsible, small-dollar, short-term loan program and reach out to us to take advantage of our special offer which will allow you to serve consumers who need liquidity during this time of financial unrest.