What is a "Mortgage Stipulation"?

If there is no mortgage reporting to the credit bureau and it is needed to calculate Debt-To-Income to qualify a customer for a loan, a Verification of Mortgage (“VOM”) stipulation is placed on the customer’s account and Sunlight will request a copy of the customer’s recent mortgage statement.

Possible Scenarios: 

• If there is no mortgage (e.g., it was paid off or the customer paid for their home with cash), the customer will need to verbally verify this information on a recorded line. 
• If the customer has a reverse mortgage on their home, this will automatically disqualify the account from financing because it falls outside of our lending guidelines.
• If the customer recently purchased their home and does not have a mortgage statement, they can submit a closing disclosure for the sale of the property.

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 below directly through Sunlight’s secure upload portal using the stipulation email they received.

After the mortgage statement is received, the Sunlight Financial team will verify the following information:

• The statement is recent (e.g., from last month).
• The customer’s property address matches the installation address. This may be different from the mailing address.
• The mortgage is in the customer’s name.

If the borrower does not have a mortgage, we will need to verbally verify with the borrower.

Acceptable documents: 

• Mortgage statement