I am a state worker and in my state we are getting a 3 step increase after a 3 year freeze. My salary will increase significantly after my first counseling session. Will I have to write a LOE for this salary increase and the retro pay? Also I am trying to stay under budget with my loan request. Does this affect the process?
When I had a salary increase they just verified my income with the new amount. My job uses theworknumber.com. The state may use something different. I had to pay for that report but that’s how they did it. In your case you may want to have HR send over the new amount to your MC. Mortgage Counselor.
If you are receiving retroactive pay, you will need an LOE just as if it were a lump-sum deposit (which I guess it actually is).
Your counselor should be able to re-work your income after 30 days at the new pay level. If you have any documentation to support the increase and retro pay such as a letter from the state, please submit it as well.