Posted on: 10th Jul, 2009 07:32 am
I took a job at my brothers business just before applying for mortgage. He signed the letter of employment for the pre-approval and it was accepted by the lender, it was approved and we eventually received a commitment letter. However, one of the conditions prior to close is for me to get a VOE from someone other than a family member. There is no such person. The only officers of the company are family members. The condition statement asks for signatures from people who have had no connection to the business for years and one who never had a connection. These are conditions that are impossible to meet without deception. I refuse to have a former owner sign my VOE because it could be considered fraudulent. The lender did a very poor job of research before writing the conditions. Am I right for taking this position? Does the lender bare any responsibility for doing poor research before writing the conditions? I paid about $500 in application fees, I think the research on the company providing VOE should have been more than a Google search.
I just responded to this post. Another thing, which I had not discussed in the last response was up-front application fees. You should not have to come out of pocket for any expenses aside from the appraisal prior to closing of a mortgage loan. I hope this helps...
isn't it fun to see the same posts over and over?
i agree in theory about the fees, james, but i suspect there are still plenty of outfits around that insist on taking an application fee in.
i agree in theory about the fees, james, but i suspect there are still plenty of outfits around that insist on taking an application fee in.
written Verification of Employment (form 1005) is signed by those who have been the borrower's employers for the past 2 years. The form is usually filled up by an authorized representative of the employer.
A verbal VOE is done on all loans and is usually done right before closing to make sure you are still employed and that nothing has changed
To make pticture more transparent from your side, you may submit affidevit stating that company is controlled by family members.
A verbal VOE is done on all loans and is usually done right before closing to make sure you are still employed and that nothing has changed
To make pticture more transparent from your side, you may submit affidevit stating that company is controlled by family members.
