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what areoe possible red flags on verbal v

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tonwandadavis Joined: 26 Jul 2011 Posts: 1 1.27 Dollars($)	Posted: Tue Jul 26, 2011 7:28 am    Post subject: what areoe possible red flags on verbal v Like 0 Dislike 0 what are possible red flags on verbal voe
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Tue Jul 26, 2011 9:15 am    Post subject: Like 0 Dislike 0 A verbal voe is required for all borrowers just prior to closing, to ensure that they are still employed where they've told the lender that they're employed. The most important red flag is for the employer to state that the person is no longer employed - no matter the reason. Other than that, hours could have been cut; pay could have been cut; there may be a layoff notice on the sideline...that's most of what might happen that would constitute a "red flag." _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044
chrisgummerson Community Expert Joined: 29 Apr 2010 Posts: 704 Location: La Palma, CA 9.98 Dollars($)	Posted: Wed Jul 27, 2011 3:11 pm    Post subject: Like 0 Dislike 0 Or the agent doesn't provide a proper 1003 and fails to list the employment properly. Then you doc and sign the loan, then to find out from the Verbal that the borrower does not have the 2 year work history. TRAINING TRAINING TRAINING. Everyday, is the only way to stay on top. _________________ Chris Gummerson Bay Valley Mortgage Group bayvalleymortgage.com 714-367-5125
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Thu Jul 28, 2011 9:49 am    Post subject: Like 0 Dislike 0 Certainly, that comment from Chris is relevant as well. Originators are not all as well-versed in their occupation as they ought to be. Unfortunately, training is a drag for most people, and those who attend don't always pay attention. For those who do pay attention, some of the things that are passed on to them are infrequently encountered, which causes other issues to arise; furthermore, human nature usually kicks in at some point, meaning that mistakes simply happen. Borrowers need to be vigilant to ensure that the correct data is in the hands of the lender. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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