Employment Verification

[Anonymous]

well mine was pulled twice.  during the application process and right before closing..and that was december of 2006..through countrywide

[Anonymous]

In May of this year my employment was verified using the whole 1-800 number/PIN/single-use code process, and I was only asked for this information once, very early on in the process. Then again, I suppose the loan officer calling me at my place of work on an almost-daily basis (just for updates, really - she was great) might have served as at least informal verification that I was still gainfully employed, although it wouldn't have proved anything income-wise, I guess!

[MattH]

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@Anonymous wrote:
In May of this year my employment was verified using the whole 1-800 number/PIN/single-use code process, and I was only asked for this information once, very early on in the process. Then again, I suppose the loan officer calling me at my place of work on an almost-daily basis (just for updates, really - she was great) might have served as at least informal verification that I was still gainfully employed, although it wouldn't have proved anything income-wise, I guess!

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Sounds very similar to my experience six years ago. I suppose this sort of thing also depends on what other risk factors may exist -- in our case my wife and I had clean credit histories, stable employment, had lived in the same rented apartment for 10 years, etc., etc., and our condo purchase was not in any way a stretch for us financially. Perhaps with thinner histories, higher loan-to-value and debt-to-income ratios, etc., the lenders do more checking than with a buyer who is clearly being conservative.

[Miner]

In 2007, my credit union only wanted to see the last 2 pay stubs when I applied and then wanted every one that I received during the month that it took to close the loan (meaning 2 more), though the last one I probably could have got by without.  They didn't call my employer; I know since it was a small company of 28 employees and the HR department was a 30 foot walk.

My previous loan in 2002 I had to provide the last 2 years of tax returns and my current bank statements along with paystubs, but they didn't call my employer.  The only time I had a mortgage company call to verify employement was back in 1997 when I purchased my first home.

Message Edited by Miner on 09-08-2008 06:45 PM

Message Edited by Miner on 09-08-2008 06:46 PM

[Anonymous]

In the current market, they are really cracking down on verification.  They verified my wife's income 2x and the County DPA did a 3rd time.  This plus 3 years tax returns, 3 months bank statements, and a couple months paystubs.

We were good DTI ratio with a midscore of 679 in a program with a FICO minimum of 620 and no lates since 2005 so we were not borderline