Posted By: gunches
Verification of Employment - 08/09/18 04:24 PM
Is a verification of employment still required within 10 days prior to closing a real estate loan?
Posted By: rlcarey
Re: Verification of Employment - 08/09/18 04:48 PM
Sounds like an investor requirement to me.
Posted By: gunches
Re: Verification of Employment - 08/09/18 05:13 PM
It is, but I thought with the ATR rules, it was required for all consumer mortgage loans to verify they could afford the payments?
Posted By: rlcarey
Re: Verification of Employment - 08/09/18 05:21 PM
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.
Posted By: gunches
Re: Verification of Employment - 08/09/18 05:51 PM
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?
Posted By: rlcarey
Re: Verification of Employment - 08/09/18 06:04 PM
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.