Protect yourself against borrower misrepresentation and unknown changes in employment status
Verification of an applicant’s employment status is a must for avoiding borrower fraud and complying with ability to repay and qualified mortgage regulations. Do you really know how much your borrower makes? Is he/she still gainfully employed? Will your borrower have the ability to pay the monthly fees?
Tax Return Verifications are an effective way to prove an applicant’s income, but are limited to the previous year’s income, and in some instances two years prior. For this reason, many lenders now require a VOE two times during the origination process: during the application for loan approval and prior to loan closing as proof that the verified source of income still exists.
The Partners expert processing team will:
- Verify the existence of the employer’s business
- Verify business phone and address
- Confirm job title
- Confirm employment date range, incl. date hired
- Confirm eligibility for rehire
- Verify salary
- Thoroughly document all calls with notes on dates, times and who was spoken to
While not all employment information may be available, Partners will try to get as much detailed information you are looking to receive about your applicant as possible. The VOE follows the same Partners easy to read credit report type format, and details all messages and interactions with the applicant’s employer, creating an audit trail which means a trustworthy verification that you can count on.
Partners also has relationships with major data collection sources in situations where a verbal verification with an employer is not possible.
We understand that time is critical, and that many verifications must be done only a few days prior to closing. With Partners, you can count on a reliable, accurate VOE to be returned typically within 24 – 48 hours.
