topic Re: Employment verification from temp job holding up home loan in Mortgage Loans

Employment verification from temp job holding up home loan

Anonymous — Tue, 27 Nov 2018 23:49:10 GMT

So me and my husband have been in the process almost 2 months. I have been at the same job 8 years and my husband has been employed same company 3 1/2 years.He works through a temp agency that was sold to a new temp company 1 year ago and he has been with the same company working the whole time. So he has w2s, tax return and the whole shebang. But my loan officer says that usda needs a physical person employment verification. The company verified but only from the time t hff at they bought old temp company which is a year and the physical company he works at verified as well the 3 1/2 years but they dont physically pay him. The company that sold is no longer open and no one to verify and loan officer is saying they cant do anything without it. Not even fha. Scores for both of us over 620 and dti 33% no negatives and 5 years credit history or more. Any suggestions?

Re: Employment verification from temp job holding up home loan

kc0039 — Wed, 28 Nov 2018 00:00:10 GMT

Any way to prove that he worked in the previous companies? You probably already gave your W-2's. Can you prove that the previous temp agency closed down?

Re: Employment verification from temp job holding up home loan

Anonymous — Wed, 28 Nov 2018 00:29:23 GMT

They have w2s and tax return and tax transcripts for the last 3 years. He had w2s from the job, but in December they sold the temp agency to another one and went out of business.

Re: Employment verification from temp job holding up home loan

JVille — Wed, 28 Nov 2018 04:45:55 GMT

Look up your State’s Corporation Commissioner (on Line) Search the name of the Business (named on W2’s) and see if it shows the business as No Longer In Business. You can ever have the new company on “Letterhead” write a letter about they purchased the business and do not have any info from the now Defuct former company.

Re: Employment verification from temp job holding up home loan

JVille — Wed, 28 Nov 2018 04:49:16 GMT

If those actions don’t work you need a new lender. As a former UW I would have gotten a letter as discribed above from current company, documented the file and point to thevW2’s and tax transcripts.
I’m fairly certain the States Corporation Commissioner’s Office will by now show them as a closed entity.

Re: Employment verification from temp job holding up home loan

Anonymous — Wed, 28 Nov 2018 12:55:32 GMT

Yes he is saying usda guidelines are super strict and alot of stuff they wont take but I am hoping when I send him some of the things you guys mention then we came finish this up, my now 3rd close date is beginning December, been held up at least a month with this situation.

Re: Employment verification from temp job holding up home loan

Anonymous — Wed, 28 Nov 2018 15:58:06 GMT

So he is saying because the new company does not have real paycheck stubs, but you can view their pay and deductions online and since they had to convert his pay info to an excel worksheet that is where the issue is coming in. But company sent employment verification and company letter from owner verifying he bout out old company and verifying employment. I'm stuck and dont know what to do. I even gave them the state corporation info with dissolution of old company. Printed it out myself matches up exactly with his w2.

Re: Employment verification from temp job holding up home loan

kc0039 — Wed, 28 Nov 2018 16:20:25 GMT

Have your employer put that in an LOX. It shouldn't be this hard to obtain a USDA loan.

Re: Employment verification from temp job holding up home loan

JVille — Wed, 28 Nov 2018 17:05:42 GMT

Your lender needs reach out to their UW contact at USDA. You can’t get info from a defunct & out of business company. You have provided proof of that status thru your state’s Corporation Commissioner Office. You have W2’s and other documentation and I believe you have a letter from the New Company.
Your Lender needs to make a call to USDA Underwriting People, they are afraid to get stuck with a loan that won’t be purchased by USDA that is what this is all about.

Re: Employment verification from temp job holding up home loan

Anonymous — Wed, 28 Nov 2018 17:45:19 GMT

So now the company he is working with he lady is about to send timesheets for 3 years to the loan officer to see if this helps😟. They are being so helpful can I'm just at a loss with all this.

Re: Employment verification from temp job holding up home loan

JVille — Wed, 28 Nov 2018 17:55:27 GMT

Did the Company write a letter of Explaination about buying the old company which is now out of business and those records no longer accessible??

Re: Employment verification from temp job holding up home loan

Anonymous — Wed, 28 Nov 2018 18:58:30 GMT

I will certainly ask but the company did write a letter on letterhead about them buying out the old company so I gave done pretty much all these things today and I am hoping one of them does the trick cause this whole situation is ridiculous.

Re: Employment verification from temp job holding up home loan

JVille — Wed, 28 Nov 2018 19:13:50 GMT

As a former Underwriter that letter, combined with the State Commioners office print out showing the old business as Closed and your W2’s backed up with the IRS tax transcripts and I could have made a VA, FHA, and several other variations. It’s simply documenting the file and if in doubt reaching out to our contacts at what ever agency whose loan I am packaging for. This is not rocket science. Are these requests actually come from an UW Or is the Processer simply trying to put your Square Peg into their Round Hope? I’m suspicious. This UW needs to go to their supervisor and get guidance. What type of lender is this, CU, big bank, Mtg Broker??

Re: Employment verification from temp job holding up home loan

Anonymous — Wed, 28 Nov 2018 19:11:06 GMT

For me its sounds like bs and my realtor called and has assured me we will close on time. I'm giving it till the end of the week to either move forward or I will move on, I'm in a dire situation where I cant waste anymore time.

Re: Employment verification from temp job holding up home loan

Anonymous — Wed, 28 Nov 2018 19:13:27 GMT

They also keep talking about they had to put his pay info into excel spreadsheets and that's another big thing that's throwing everything off. So I dont know, any insight on that?

Re: Employment verification from temp job holding up home loan

JVille — Wed, 28 Nov 2018 19:42:44 GMT

Did you get a W2 from this company last year?

Re: Employment verification from temp job holding up home loan

JVille — Wed, 28 Nov 2018 19:46:53 GMT

Excel Spreadsheets are not NOT how a normal business runs payroll. And yes I get it as an UW it would have raised Red Flags with me too. On the other hand very small businesses do not have sophisticated payroll systems. Did you provided them with copies of your Payroll checks year to date (or more)? You can often log into your bank acct online and print them out.

Re: Employment verification from temp job holding up home loan

Anonymous — Wed, 28 Nov 2018 19:58:25 GMT

Yes, they took over the end of last year and he got a w2 from the month of December.

Re: Employment verification from temp job holding up home loan

Anonymous — Wed, 28 Nov 2018 20:00:22 GMT

Yes they asked for bank statements for a whole year and I provided them from Nov last year to Nov this year.

Re: Employment verification from temp job holding up home loan

Anonymous — Wed, 28 Nov 2018 20:01:46 GMT

And they do not give payroll checks they have the pay cards, but I gave 12 months of those statements.