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Verification of Employment Required

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Mortgage and Lending with Bay Equity, LLC 770-634-4021 NMLS #206275 GA 25689

A Verification of Employment is required when you are applying for a mortgage.  It does not matter if it is a conventional mortgage, FHA mortgage, VA mortgage or USDA mortgage.  What most buyers don't know as that this may be checked more than once during the process.  It may checked before the underwriter reviews the file and again just before closing.mortgage

I like to make buyers aware of this since their assistance may be required to expedite the information.  In the last 30 days I have had two closing that were almost delayed because the buyer's employer would not respond to our request for a verification.

So, my advice to you is if you are buying a home with a new mortgage, have a conversation with your Human Resources Manager at the beginning of the transaction.  Set the expectation that when these requests come in, it is imperative that the verification be returned to the mortgage processor as soon as possible.

Here's to a speedy closing for you.  Just remember a verification of employment will be required.

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Kathy Sheehan Senior Loan Officer

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770.634.4021

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404.745.8060

 

Bay Equity LLC

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11475 Great Oaks Way, Suite 350, Alpharetta, GA 30002

800.BAY.3703 Bay Equity LLC NMLS ID#76988


 

 

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The opinions and general information in this blog are soley those of Kathy Sheehan.  Specifics regarding an individual case should be discussed in detail with a loan professional.  For a confidential consultation, please feel free to contact me via phone or email.  All terms and conditions are subject to change.

 

Comments (4)

Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

Kathy, That is a discussion that the lenders have at the prequalification interview. This gets the buyer to thinking and planning.

Jun 23, 2013 10:56 AM
Kathy Sheehan
Bay Equity, LLC 770-634-4021 - Atlanta, GA
Senior Loan Officer

It certainly helps when the expectation is set at the beginning of the process.

Jun 23, 2013 11:12 AM
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

I've got a buyer who needs to get a VOE due to the way they are paid.  It's all over the map and a real red flag to the underwriters.  I'm glad they're doing this NOW before there's a delay to close -- and there would be.

Jun 23, 2013 01:07 PM
Kathy Sheehan
Bay Equity, LLC 770-634-4021 - Atlanta, GA
Senior Loan Officer

I had one recently where the deal fell apart because the written VOE was less than what the buyer had been given on his employment offer.

Jun 23, 2013 01:13 PM