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#2188545 - 08/09/18 12:24 PM Verification of Employment
gunches Offline
100 Club

Registered: 12/01/05
Posts: 208
Is a verification of employment still required within 10 days prior to closing a real estate loan?

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Ability to Repay/Qualified Mortgage Rule
#2188552 - 08/09/18 12:48 PM Re: Verification of Employment [Re: gunches]
rlcarey Offline
10K Club

Registered: 07/16/01
Posts: 67324
Loc: Galveston, TX
Sounds like an investor requirement to me.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2188559 - 08/09/18 01:13 PM Re: Verification of Employment [Re: rlcarey]
gunches Offline
100 Club

Registered: 12/01/05
Posts: 208
It is, but I thought with the ATR rules, it was required for all consumer mortgage loans to verify they could afford the payments?

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#2188560 - 08/09/18 01:21 PM Re: Verification of Employment [Re: gunches]
rlcarey Offline
10K Club

Registered: 07/16/01
Posts: 67324
Loc: Galveston, TX
Even in Appendix Q it only says: Creditors may assume that employment is ongoing if a consumer's employer verifies current employment and does not indicate that employment has been, or is set to be terminated.

There is no 10 day time requirement.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2188568 - 08/09/18 01:51 PM Re: Verification of Employment [Re: rlcarey]
gunches Offline
100 Club

Registered: 12/01/05
Posts: 208
So to get an employer to verify that they are employed, you will either need to call them and get a verbal VOE or do a written VOE, correct?

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#2188573 - 08/09/18 02:04 PM Re: Verification of Employment [Re: gunches]
rlcarey Offline
10K Club

Registered: 07/16/01
Posts: 67324
Loc: Galveston, TX
Depends on what you are trying to accomplish - you mentioned ATR rather than QM. Are you making a QM loan or a loan under the general ATR requirements.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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