Initial Verification of Employment Letter Made Easy

Initial verification of employment letter

what's going on guys a mere gourami over at AG home loans today is April 1 2020 I wanted to reach out to you guys today and providing some guidance on verifications of employment now this is a very hot topic right now as you could imagine verification of employment is very simple it's literally what it says it is is we have to as your lender verify that you are currently employed we have to make sure that you have the ability to repay your loan and can continue to pay your loan so two types of verifications the first one is called a written verification of employment the Rinne verification of employment happens in the beginning of the process your loan process it's basically a form that we email or fax to your HR they complete it they tell us details about you they answer a few questions whether you know you have a race coming up how likely it is that you'll stay employed with them etc the final one it's called a verbal verification of employment it's referred to as a V v OE v for verbal v for verification and over of V for employment so v v OE it's at the end W vo is at the beginning now v v OE generally used to take place 10 days before your actual closing date now we are required to move that data up we're doing it three days before your closing date and generally most mortgage companies just to be safer right now in our current environment with the massive layoffs companies being shut down the furloughs are doing it the day of as well - so probably at least I want to say 95% of mortgage companies are doing this verbal verification three days before you close and on the day of your closing the hard parm the hard part is that it's very difficult to get these done right now so a tip to you guys if you are currently looking to buy a home or if you're going through the refinance process call your employer or whoever is in your HR and figure out what the actual process is to get these done now since everyone is in the majority country working from home unless you are an essential employee figure out how your lender could request both the wvo II which is again done at the beginning of the loan process and the vvo II which is taking place at the end find out what those rules are who to contact what the process is what their emails are the more information you have the easier it will be for your lender to verify your employment and continue to close your loan now some employers report your verification to a centralized Bureau they're generally referred to as the work number it's a private company or to work these companies take data and as lenders reach out to them we pay a fee and they provide us data about you saying hey yes John is currently employed or Susie's currently employed whatever you know the case may be this obviously this centralized Bureau requires that your employer's making regular updates to that Bureau so you also want to make sure that if you are using if your company or your employer's using the work number or true work that they are updating that information with that vendor all the time they do report a date so when we get verification of employment from true work or the work number it says this information is accurate as of extinct so you want to make sure that they are still reporting it so big big tip to you guys if you are in the mortgage process buying or refinancing make sure you know how your lender could verify your employment under the current circumstances that we are in all working from home all being scattered at our home offices so tip to you guys again figure out how to verify your employment if you have any questions about verifications of employment or anything about the mortgage cycle and the mortgage process give me a quick call be happy to share any intelligence or information that I may be able to provide to you guys as always be safe and healthy and talk to you guys soon take good care