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N.Bailey
Guest
0.10 Dollars($)
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 Posted: Thu Jun 22, 2006 1:50 pm Post subject: VOE |
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Amongst other requirements my loan stuff was mentioning about VOE. What is this one I could not understand clearly and why is it required?
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douglas
Guest
0.10 Dollars($)
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| Posted: Thu Jun 22, 2006 1:55 pm Post subject: |
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| VOE is a document signed by the employer of the borrower thus verifying the borrower's position and salary. |
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 jameshogg
Joined: 20 Dec 2005
Posts: 1514
Location: nevada
210.98 Dollars($)
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| Posted: Thu Jun 22, 2006 2:18 pm Post subject: |
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Hi Bailey,
During the mortgage process a verification of employment form is executed by your employer(s) and returned to the mortgage company.
They verify your salary for the past two years and any secondary income like overtime, bonus etc.
The form contains a box to be checked and filled up in "yes" and "no".
James |
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bailey
Guest
0.10 Dollars($)
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| Posted: Thu Jun 22, 2006 2:29 pm Post subject: |
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| Thanks for the information. When it is done? |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1539
Location: MASSACHUSETTS
137.28 Dollars($)
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| Posted: Thu Jun 22, 2006 2:41 pm Post subject: employment verification |
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Hi Bailey,
Through this process the lender reviews your employment history and current employment to get the idea of your job stability.
In addition to that your income is verified. Most mortgages involve both written and verbal VOEs.
Once you apply for a mortgage loan, the lender sends a verification of employment form to your current employer and all the previous employers with whom you worked in the last two years.
When the lender gets back the filled in forms he/she verifies it with your application and the income documentation.
The written VOE is done at the beginning and at the end prior to funding the loan the lender conducts verbal verification to make sure that you didn't lose or quit your job during the process.
God bless you.
For MortgageFit,
Samantha
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Last edited by Samantha on Thu Jun 22, 2006 3:39 pm |
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Ritchie
Guest
0.10 Dollars($)
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| Posted: Thu Jun 22, 2006 3:35 pm Post subject: |
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| What if I am self-employed borrower? thx |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1539
Location: MASSACHUSETTS
137.28 Dollars($)
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| Posted: Thu Jun 22, 2006 3:39 pm Post subject: self-employed borrower |
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Hi,
For self-employed borrowers the guideline is different. In these cases the borrowers are asked to provide a current business license.
For the borrowers who don't have a traditional business model, a letter from their Certified Public Accountant is asked. The letter certifies that as the borrower's tax preparer the accountant has firsthand knowledge of his previous and continued employment.
There are diferent guidelines for stated income, no income and no doc loans too.
God bless you.
For MortgageFit,
Samantha
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