The Closing Docs Now Identifies Pay Gaps in Recurring Income
The Closing Docs has improved its recurring income algorithm to identify gaps in pay for recurring income streams. Such gaps could be due to furlough periods, seasonal work or other temporary breaks in pay.
Previously, gaps in pay would leave these recurring deposits being categorized as non-recurring income. With this improvement, breaks in deposit streams are now included in calculations for recurring income, and the existence of pay gaps, if any, will be highlighted under the transaction details, as shown in the below example:
The goal with this change is to provide you with the most accurate understanding of applicant income. This upgrade not only streamlines your analysis, it enhances insight regarding an applicant’s total financial picture.
If you have any questions or more feedback, please feel free to reach out to firstname.lastname@example.org. We get stronger through learning from our customers.