Annual Income Verification Required By the FDIC?

Question

Letter from the bank today says that I must verify my income every year on my 1-4 Family Non-Owner Occupied Mortgage.

They say this is a new change in the FDIC regulatory requirements.

I can't find a dang thing about it online.

Can anyone help me find something so I can read about it?

Tyler Mullen · Answer

Don't send anything anywhere until you contact your mortgage company separately to verify the request.

Do this through the phone, using a number off your regular monthly statement, NOT any phone numbers from the letter you just posted!  I'd also recommend calling from a cell phone, not your land line.

Chris Mason · Answer

The bad grammar makes it look fake.

Sometimes, for commercial financing, they do need to annually review certain financial information. But not for residential.

Tyler Mullen · Answer

The wording in the letter is suspicious to me.  I would not mail them anything, I would not call any numbers in that letter.

If I was feeling lazy I would ignore it in an assumption that if it is a new regulation they will be patient and request it again later, or call you.

If I was feeling spirited I'd contact my mortgage company directly on a phone number I would verify independently in order to verify their request, speak with a supervisor and ask why, what is the source of this new rule.

It's nothing I've ever heard of, and if @Kevin Romines hasn't either, I'd be very hesitant.

Account Closed · Answer

Well, it's a legit letter from my bank.  For me, because of the age of my loan, it is a request.  All of their newer loans, it is a requirement.

I doubt I'll give it to it to them.

Account Closed · Answer

I checked our papers and nothing says we need to give them that info yearly. After much though, I have decided to call them tomorrow. At least doing that, I'll know if it's personal or a mass mailing.

Account Closed · Answer

Thanks everyone for your thoughts.  I am going to ignore for the time being.  It's time to check our credit reports, so I'll do that to make sure nothing fishy is going on.

Account Closed · Answer

The phone numbers on the letter are the correct numbers.  I think I'm just going to ignore it.  Its a small town bank and I'd rather play dumb when (if) they ask for it again than to be a bitch about it.

Account Closed · Answer

So I gather then, this is not a new regulation? Could it be a regulation for the bank itself, and providing my income voluntarily meets their regulation in a less cost effective way?

Account Closed · Answer

I don't even have a schedule C for the property, it's E.  Something just seems goofy.

Account Closed · Answer

Here's the letter.

Annual Income Verification Required By the FDIC?

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