What is an "Income Stipulation"?

If Sunlight is unable to verify the customer’s income using third-party verification methods or the customer’s income stated on the credit application requires additional verification, the Verification of Income stipulation (“VOI”) is placed on their account and a request is made for the customer to produce additional income documents.

The tax stipulation may be placed to verify a customer’s income using their tax return.

How do I clear this stipulation?

Please either upload one of the acceptable documents below in Orange or ask the customer to upload the acceptable documents directly through Sunlight’s secure upload portal using the stipulation email they received.

Acceptable documents: 

• W-2 (If provided after June, request paystubs that reflect current income)
• Paystubs
• If Retired: social security, pension, annuity, or veteran’s benefits information and/or tax returns
• If Self-employed: personal tax returns (Form-1040) with signatures on page 2 and first two pages of business schedules: schedule C for business and schedule E for rental property. (NOTE: Sunlight cannot accept rental property income until that income is filed on the customer’s taxes).

Additional information:

• If the customer’s verified income does not match what was submitted on the customer’s credit application, the customer must provide additional verification of income. If the customer is claiming household income, the customer may provide verification for additional persons within their household.
• If the customer is declined due to their DTI ratio not meeting the specific lending criteria, the decline can potentially be overturned if the customer verifies additional household income.