We're in the middle of the mortgage process and our lender keeps using acronyms. What are VOE, VOD, and VOM?
- The Buyers Smith
Acronyms make any professional's job easier, but quite often confuse the issue for the public with whom they work. You should never be afraid to ask your lender to explain acronyms to you - part of their job is to help you get through this process with ease.
VOE refers to a verification of employment - simply a statement, verbal or written, from your employer(s) that you do work for them. You may need to authorize your employer to release this information.
VOD is a verification of deposit to ensure that you have the money in the bank that you say you have.
VOM is a verification of rent or mortgage to document the housing costs that you have been paying up until your mortgage.