VVOEs – Verbal Verification of Employment – Re-verification of employment.
VVOEs must be completed within 3 days of Note Date. The following alternative documentation is allowed when a traditional VVOE cannot be completed due to the current environment:
FNMA/FHLMC
- An email directly from the employer is acceptable – it must be from the borrower’s direct supervisor/manager or HR department, email address must indicate the employer ([email protected]), email must contain:
- all standard required verification information
- senders name
- title
- phone number of the person providing verification
- Paystubs/Bank statements in lieu of VVOE are not acceptable
- The loan is not eligible if the business is not open at the time of closing.
- FNMA/D1C
- Loans must close by the date indicated on the DU approval, in addition to all other required D1C requirements. Loans with D1C for employment will not require a VVOE within 3 business days.
FHA
- Confirmation from borrower currently employed with employer as disclosed on application
- 2 months PITI reserves (for purchase transactions); and
- YTD paystub or direct electronic verification of income for the pay period that immediately precedes the Note date, or
- Bank statement showing direct deposit from the Borrower’s employment for the pay period that immediately precedes the Note date.
VA
- Confirmation from borrower currently employed with employer as disclosed on application
- Third-party service. (No additional fee may be charged to the veteran.); OR
- Evidence of direct deposit from a bank statement and paystubs covering at least one full month of employment within 30 days of the closing date. Reconcile payment amounts between the paystubs and direct deposit listed on the bank statement. If this option is used, document in VA Form 26-6393 box 47 and the supporting documentation.
USDA – no alternative documentation is allowed
