Posted on: 09th Apr, 2012 06:51 pm
I'm working on a refinance
There is this line:
"Provide a verbal Verification of Employment dated no more than 10 business days prior to the note date for
Conforming loan limits and no more than 10 calendar days prior to the note date for Jumbo loan limits for every borrower
with hourly, salary, or commission income and within 30 days prior to the note date for self employment income"
They have already done the official employment verification. I'm in the final stages of approval.
What is this requesting? What is the NOTE DATE?
There is this line:
"Provide a verbal Verification of Employment dated no more than 10 business days prior to the note date for
Conforming loan limits and no more than 10 calendar days prior to the note date for Jumbo loan limits for every borrower
with hourly, salary, or commission income and within 30 days prior to the note date for self employment income"
They have already done the official employment verification. I'm in the final stages of approval.
What is this requesting? What is the NOTE DATE?
Hi kaiotes!
Welcome to forums!
If the lender has done the official verification of your income and if they have a written proof of your income, then I don't think the above mentioned clause will be applicable for you. Nevertheless, you can contact your lender and ask him to clarify the matter.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If the lender has done the official verification of your income and if they have a written proof of your income, then I don't think the above mentioned clause will be applicable for you. Nevertheless, you can contact your lender and ask him to clarify the matter.
Feel free to ask if you've further queries.
Sussane
Can you tell me what the note date is??????
my lender has already done the official verification of your income
the verification of employment, income was via w2 and tax returns.
they successively checked my employment 2 days before my term date. my prob is if they need to 'Provide a verbal Verification of Employment dated no more than 10 business days prior to the note date for
Conforming loan limits and no more than 10 calendar days prior to the note date for Jumbo loan limits for every borrower
"
what is this 10 days.... as i'm unemployed right now.
my lender has already done the official verification of your income
the verification of employment, income was via w2 and tax returns.
they successively checked my employment 2 days before my term date. my prob is if they need to 'Provide a verbal Verification of Employment dated no more than 10 business days prior to the note date for
Conforming loan limits and no more than 10 calendar days prior to the note date for Jumbo loan limits for every borrower
"
what is this 10 days.... as i'm unemployed right now.
Hi Guest!
Welcome back to forums!
A loan note identifies the date of the agreement (note date) along with the involved parties, including co-signers, by their legal names and addresses. If you're unemployed right now, there are high chances that you won't qualify for this refinance.
Feel free to ask if you've further queries.
Sussane
Welcome back to forums!
A loan note identifies the date of the agreement (note date) along with the involved parties, including co-signers, by their legal names and addresses. If you're unemployed right now, there are high chances that you won't qualify for this refinance.
Feel free to ask if you've further queries.
Sussane
Your note date is the date your loan documents were drawn and is what starts the loan repayment...If you are unemployed, your lender will find out and you will not be able to refi. The lender will always send in a written verification of employment. Then when the loan is ready to fund, they will do a VERBAL verification of employment, and confirm that you still work there. If you dont, the lender will not fund your loan. If you are unemployed, go get another job asap in the same line of work you were in, and provide 30 days paystub and you should be able to get the loan, as long as your income is same or greater than you previously made...Goodluck
