[VIDEO] Written Verifications of Employment are Critical to the Mortgage Process
Category | ETE Video Series
Erin the Expert is Back! Her second series of Mortgage Videos is ready to roll out over the next few months.
The first one going live is a quick overview of the Written Verification of Employment and why it's so important to the mortgage process. Watch the video below and then dive in further.
A written verification of employment (WVOE) is a typical mortgage requirement whereby the lender requests a form be completed by the borrower's current and/or previous employers to ascertain and verify specific details about their employment such as dates of hire and termination as well as compensation structure (salary, bonus, commissions) and year to date earnings.
- WVOEs are a requirement and must be completed in order to secure financing
- If an employer does not return it in a time timely fashion or refuses to complete it, your loan approval could be in jeopardy.
- We find it best that the borrower prepare their employer for the WVOE request to ensure they realize the importance.
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