VVOE Guide
What is a verification of employment?
A verification of employment (or verification of employment and income) is when we validate an applicant’s work history and confirm information reported on the loan application with the applicant’s employer.
There are two kinds of verification of employment:
Written verification of employment, and
Verbal verification of employment.
Verbal Verifications of Employment (VVOE)
Verbal VOEs are completed for two purposes:
Verifying previous employment information, and
Re-verifying current employment prior to closing.
Verbal verifications should include the following information:
Borrower’s name.
Employer’s name.
Employer contact name and title.
Phone number and source of number used to contact employer (the processor or individual completing the verbal VOE should reach out to the phone on the 411).
Verified dates of employment and whether the borrower is currently employed.
Borrower’s position or title.
Name, title, and signature of the processor or individual completing the VOE and the date of verification.
Check the separate Encompass: Printing the VVOE job aid for instructions on how to complete and print a verbal verification form from Encompass.
Re-verification of Employment
You must re-verify the borrowers’ current employment, at the earliest, 10 days prior to closing. Re-verifications have an expiration date of 10 days after the date they were completed. If the closing date is moved beyond the re-verification’s expiration, the re-verification must be completed again. Re-verifications are completed through a verbal VOE.
The goal of re-verifying current employment is to ensure that the borrower is still employed at the time of closing. Written verifications can also be used as a form of re-verification, but verbal re-verifications are the norm.