A written verification of employment and income is a document provided by an employer that confirms an individual's employment status, including job title, duration of employment, and income details. It serves as an official proof of the borrower's employment and income, providing lenders with accurate and verifiable information to assess the borrower's ability to repay a loan.
Context: Identifying the document.
Document title: Request for Verification of Employment
Key takeaways: Important information.
Part II – Verification of Present Employment (for current employers) or Part III – Verification of Previous Employment (for prior employers)
Remarks section
Part IV – Authorized Signature
Notes on income:
Part II (for current employers) or Part III (for prior employers) must be filled out in its entirety, §13 For Military Personnel Only.
Fields that aren’t applicable to the employee or that the employer cannot complete, must still be filled out (e.g., with an N/A).
WVOEs with scratch outs, corrections, or white-outs are not admissible.
The income as outlined in the WVOE must be compared to the income in supporting documentation such as pay stubs and W-2s.