what areoe possible red flags on verbal v

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."

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.

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.