To obtain mortgage salary verification, submit recent pay stubs (typically covering 30 days), a W-2 form, and tax returns for the past two years. Lenders may also request a letter from your employer confirming your income, job title, and employment duration. Contact your mortgage broker or lender to confirm specific requirements, as they may vary by loan type (e.g., conforming vs. FHA loans).

Lenders require salary verification to ensure you can repay the loan, as unverified income increases default risk. According to the Federal Housing Finance Agency (FHFA), 68% of mortgage applications with incomplete income documentation face higher interest rates or denial. A 2021 Urban Institute study found that thorough verification reduces default risk by 30% compared to applications with partial data. For example, FHA loans mandate 24-month employment verification and two years of tax returns, while conforming loans (backed by Fannie Mae or Freddie Mac) often require 12 months of pay stubs and 24 months of tax returns. Lenders also use verification to determine loan amounts; 55% of borrowers exceed their debt-to-income (DTI) limits without proper documentation, leading to rejected applications (Consumer Financial Protection Bureau, 2022). Proper verification not only speeds up underwriting but also secures favorable terms, as 72% of lenders offer lower rates for well-documented applicants (National Association of Realtors, 2023). Inadequate verification can delay closing by up to 30 days, costing borrowers an average of $1,200 in missed opportunities (Mortgage Bankers Association, 2022).