Lenders may have different stated income loan requirements, but will hold on to several criteria on stated income loan programs.

Stated income/verified assets loan (SIVA) will require verification of assets and income source but no verification of the income figure.

Stated income/stated assets loan (SISA) requires no verification of neither assets, nor income figure; only the income source is verified.

No ratio is a reduced doc loan that requires verification of income and assets but ignores the debt to income (DTI) ratio.

No income/no assets (NINA) loan means that neither assets nor income is verified.

The stated income loan requirements will qualify the borrower easier for the desired loan amount. However, the borrower assumes responsibility that the numbers provided are to their best knowledge. Borrowers are often required to sign a 4506-T form - in case something goes wrong with the loan, the lender is authorized to check the IRS returns of the borrower. 
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Emerging fraud trends – false stated income


What is false stated income fraud?
A stated income loan is a loan where the income that is put on Form 65, Uniform Loan Application, is not fully verified. A falsely stated income loan is any loan originated under a program in which the borrower's income has been misstated for qualification purposes.

The borrower may or may not be aware of the fraudulent income on their Form 65. In other instances, the borrower may know he is being qualified for a stated income loan, but does not thoroughly inspect the final Form 65 at closing to ensure the accuracy of the information on it.




FannieMae Mortgage Fraud Overview