Borrower Verification Processes Get Streamlined

Posted by Orb Staff on August 27, 2009 No Comments
Categories : Residential Mortgage

The Work Number says that verification of employment (VOE), verification of income (VOI) and IRS Form 4506-T requests for tax transcripts and employer W-2s can be simultaneously fulfilled through its employer-direct and government-direct services.

Recently published guidelines by Fannie Mae, which take effect Sept. 1, state that the requirement of IRS Form 4506-T and pre-closing VOE for all borrower types on any Fannie Mae-sponsored loan has been increased.

The Work Number says lenders can meet the new standards by requesting a pre-closing employment verification from the company within 10 days of the note date. The Work Number's senior vice president, Janet Ford, notes the importance of employment verification in the currently volatile economy.

‘Large samples of our employer data show trends of upward of 20 percent in annual job turnover as employment status changes," she says.

SOURCE: The Work Number

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