5102.4: Age of documentation (07/06/17)

Verifications of employment, income, current receipt of income, source of funds and payment history must be dated no more than 120 days before, as applicable the Note Date, the Effective Date of Permanent Financing for Construction Conversion and Renovation Mortgages, the modification date for Seller-Owned Modified Mortgages, the Conversion Date for Seller-Owned Converted Mortgages or the applicable assumption agreement date, and must be used in evaluating the creditworthiness of the Borrower. Any information verified more than 120 days before, as applicable, the Note Date, the Effective Date of Permanent Financing for Construction Conversion and Renovation Mortgages, the modification date for Seller-Owned Modified Mortgages, the Conversion Date for Seller-Owned Converted Mortgages or any applicable assumption agreement date, must be reverified. Verifications made after the Note Date, the Effective Date of Permanent Financing or applicable assumption agreement date do not satisfy the requirements of this section. See Chapter 4402 for the requirements for Seller-Owned Modified and Seller-Owned Converted Mortgages.

In addition, no more than 10 Business Days prior to the Note Date, the Seller must confirm the Borrower's employment by obtaining a 10-day pre-closing verification of employment in accordance with the requirements of Section 5302.2.

For a self-employed Borrower, the Seller must obtain a verification of the current existence of the Borrower's business no more than 120 calendar days prior to the Note Date in accordance with the requirements of Section 5304.1(g).

Alternatively, the Seller may obtain the verification of employment or the existence of business, as applicable, after the Note Date but prior to the Delivery Date. See Chapters 5302, 5303 and 5304 for additional information regarding 10-day pre-closing verifications of employment and applicable documentation requirements.