VOE - Verification of Employment

HI, I'm in the process of getting a loan and today the lender was trying to call and verify emplyment. However, I changed jobs 2 weeks ago (started a new job) would this be an issue? I did mention something to the first person that was handeling the loan regarding this before accepting the new job. What should I do now?? I'm suppose to close on the house on 6/30.

Hi Lilian!

Welcome to forums!

It is good that you've informed the lender about your new job. If you wish you can contact the lender once again and inform about the same. As long as you're employed, I don't think there would be any issues in getting approved for the mortgage.

Feel free to ask if you've further queries.

Sussane

There's no question that your original communication should have taken care of the employment switch, but it's abundantly clear that the "first person" was probably the last person to whom you should have provided that information, since it obviously went nowhere.

Some lenders have changed policies recently, and require that borrowers be employed for a minimum of 30 days before allowing a transaction. You need to have a serious discussion with someone who knows the rules to determine if you've run into a snag.

Hi all! I have a question about maternity leave and the liklihood of your loan closing. My husband and I have been going through the loan process since May. We have already seen one closing date (6-30-10) come & go, which was at no fault to us. It is because the VA never came to do the appraisal on tine, and nobody bothered to contact us about it. Now, the holdup has been waiting on tax transcripts for the bank from the IRS. Whomever filled out the request form didn't bother to put our mailing address on there, so I have had to correct that and fax it in, and now we are told that is all we are waiting on. I sure hope it is. Anyway, my question is this: My employer stated on my VOE form that I will be going on Maternity leave the last part of July/first part of August, could this potentially get our loan denied after waiting all of
this time? I don't understand why this form wasn't filled out before our first closing date. We have been so uninformed throughout this whole process. I don't even know why my boss had to mention it in the first place, because it didn't specifically ask anything about maternity leave on the Fannie Mae form. We have been waiting on a house for over a year since moving back to our hometown, and now I am 4 weeks away from my due date and I have something else to worry about! My spouse & I have continuous work history, and excellent credit scores in the 700's. The only debt we have is 2 vehicles. We don't have credit cards or anything. We owned a home where we previously lived, and everything went so smoothly, but this time it has been a nightmare. I am upset with my boss, and worried this will knock us out of the loan we have been waiting so long to close on. I just want a house before the new baby arrives =( We also have a very large down payment that is a gift from my Mother, and yes, everything has been documented, copied, and faxed to the bank for that. Am I worrying over nothing?

Welcome Mrs. Kim,

I don't think the maternity leave will be a problem for you in order to get qualified for a loan. You'll be on a leave but you won't leave the job. Thus, I don't think the lender will create an issue regarding this matter.

Thanks for your input Adonis, I hope you're right!

The VOE form itself asks if the job is likely to continue so it would be up to the employer to disclose

the loan company will cancal my loan if by monday I do not have VVEO from work number is differnet then on my w2 how can I get this fixed fast or out a lot of money my employer doe not want to work with these poeple

Welcome patti,

Your employer will have to issue the VOE. You should contact your lender and he will help you in this regard.

Well, Patti, it is Monday and I hope you've reached a conclusion on your loan that is favorable. Your post wasn't quite clear on what was happening, though it was obvious that the lender was not happy with your voe situation.

I resigned from my job during my home search. Will that come up in the any type of employment verification? Do lenders ask about employment continuance when they call or ask for written verification?

to clarify i'm under contract and employment will not end before closing. i have yet to find a new job but will have income for two months after contract ends.

Vane, employers will ordinarily refuse to answer questions about long-term stability when asked for verification. However, yours is the opposite situation to a degree, inasmuch as the company with whom you have a contract is sure of an end date. In that case, it wouldn't surprise me if they answered that question if asked.

Lenders must verify employment not more than 10 days prior to the closing date on your loan. I wouldn't be surprised to learn that your situation will leave you in the lurch on this loan.

My bank is citi mortgage an i want do loun modification . day need voe . my work place they dont have a spatiul paper .

Hi hamlet!

Welcome to forums!

You will have to ask your employer to provide you with some kind of verification of income. Unless you're able to give them voe, the lender may not be able to consider your request for loan modification.

Feel free to ask if you've further queries.

Sussane