In The Closing Docs net income report, you should expect to see a full year of net income data for your screened applicant. You can see the time period that your income report covers within the Applicant Income Summary header:
However, there are certain situations where we are unable to provide you the applicant’s full years’ worth of net income data.
When we notice that we might have received an abnormally small amount of income data (less than 90 days), we provide the following warning message:
If you receive this message in your income report, we suggest that you ask your applicant for additional documents for proof of income.
So, what can lead to a small number of transactions being reflected in a report?
The applicant just opened or switched to a new bank account
If your screened applicant had just opened or switched to a new bank account, we will only be able to see the income history from that new bank account.
If the applicant’s old bank account is still active, the applicant can connect the older account and you can obtain a slightly outdated income report with their previous income history reflected in a report.
The applicant’s bank does not support one year of income data
Most banks support at least one year of income data, but some institutions cut off the amount of data we can retrieve. Ultimately, it is the financial institution’s decision how much data gets shared.
Below, you can see indicators of the data time-period available per bank:
|Financial Institution||Available Income Data|
|Bank of America||1 year|
|BBVA Compass||1 year|
|Capitol One||1 year|
|Fifth Third||1 year|
|Mid-sized institutions||3 months to 1 year|
|M&T Bank||6 months|
|Navy Federal Credit Union||2 months|
|US Bank||1 year|
|Wells Fargo||1 year|
What if I have a report that has "No Data"?
If the report Date Range reads, "No Data", this typically means no transactions occurred in the data-sharing time frame that the bank supports. For example, if an applicant has no transactions in the past 100 days and the bank only shares 90 days' worth of info, the report will not have data to show. It does not mean the bank wouldn't share data, it just means there was no data to share in that time frame.