topic Re-verifying employment right before clear to close? in Mortgage Loans

Re-verifying employment right before clear to close?

Anonymous — Thu, 07 Aug 2014 15:03:28 GMT

We've been waiting on our clear to close since last Friday. We had some conditions come back on Monday related to the source of the funds for downpayment. We didn't think it would be a big deal, but we had to submit MORE documents yesterday. We're supposed to close this afternoon at 4.

While we're still waiting on a clear to close, my HR person calls me and tells me the mortgage company just called her AGAIN this morning to verify that I still work at my job. They did that two weeks ago. Why did they call again? Has this happened to anyone else? I'm just shocked that we're still waiting on a clear to close and they're re-verifying employment. Are they going through our entire file again before they give us a clear to close? I thought that was the point of going through underwriting two weeks ago and getting an approval with conditions!!!

Re: Re-verifying employment right before clear to close?

Anonymous — Thu, 07 Aug 2014 15:08:44 GMT

This also happened to me right before receiving my clear to close. Everything should work out

Re: Re-verifying employment right before clear to close?

Anonymous — Thu, 07 Aug 2014 15:22:34 GMT

Thanks! I'm so nervous they're going to find some other condition in there that we'll have to satisfy. EEEEEeeeek!

Re: Re-verifying employment right before clear to close?

Anonymous — Thu, 07 Aug 2014 15:23:25 GMT

This is standard, they want to make sure you are still employed right before funding, it makes sense. You may have applied for the loan, gone through everything then either you lose your job or you quit, the bank doesn't want to see the loan default because you ended up unemployed right before closing. It is just a formality, no worries, that is probably why you haven't gotten your clear to close, but you should now that employment has been reverified. They may also pull your credit (soft pull) right before closing as well to make sure you didn't go out and charge up all your cards or apply for new lines of credit.