Underwriting Tip – Re-Verification of Employment & Income

All lenders will must must verbally verify employment within five (5) business days (salaried)/fifteen (15) business days (self-employed), prior to closing (Note date), as Required by Fannie Mae and FHA Guidelines.

If a disaster incident occurs after the Verbal Verification of Employment, the branch must obtain an additional Verbal Verification of Employment to ensure the borrower is still employed and that they are continuing to receive the same amount of income stated on the loan application.

If at the time of closing the borrower is no longer employed or the qualifying income has been reduced, this information must be reported to the underwriter for evaluation and re-approval prior to closing the loan.