Employment Verification

[Anonymous]

What exactly does the underwriter ask when verifying employment? I'm sorry if this seems silly. Thanks in advance!

[ShanetheMortgageMan]

If it's a verbal verification then they call your employer and confirm you are still employed there.  If it's a written verification of employment then https://singlefamily.fanniemae.com/media/13861/display is the form they send your HR/payroll department for completion.

[4sallypat]

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@ShanetheMortgageMan wrote:

If it's a verbal verification then they call your employer and confirm you are still employed there.  If it's a written verification of employment then https://singlefamily.fanniemae.com/media/13861/display is the form they send your HR/payroll department for completion.

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We had both types - one lender wanted a written verification so snail mail back and forth is what we are waiting on...

The other lender did a hard pull, desktop FannieMae UW with verbal verification - needless to say the full pre-approval came in a few days!

[ShanetheMortgageMan]

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@4sallypat wrote:

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@ShanetheMortgageMan wrote:

If it's a verbal verification then they call your employer and confirm you are still employed there.  If it's a written verification of employment then https://singlefamily.fanniemae.com/media/13861/display is the form they send your HR/payroll department for completion.

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We had both types - one lender wanted a written verification so snail mail back and forth is what we are waiting on...

The other lender did a hard pull, desktop FannieMae UW with verbal verification - needless to say the full pre-approval came in a few days!

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Snail mail... yikes.  

[Anonymous]

I'm curious if anyone would use the Work Number?  I look at mine frequently and it is a rather intrusive amount of info that my employer provides.  I've had recent checks with many creditors especially during the pandemic.

[ShanetheMortgageMan]

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@Anonymous wrote:

I'm curious if anyone would use the Work Number?  I look at mine frequently and it is a rather intrusive amount of info that my employer provides.  I've had recent checks with many creditors especially during the pandemic.

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Yup, if the employer only verifies through TheWorkNumber then that is how the employment verification would be obtained.  You can see what data it provides by obtaining your own "Employment Data Report" from their website (the VOE provides everything from the EDR except the monthly paycheck amounts).

[babygirl1256]

@ShanetheMortgageMan Wow, great information . . . I never knew that . . . and I will have to obtain my report for information purposes only!!! 

[brk1971]

TWN is a product of Equifax, and is included as a part of outsourced payroll services provided by ADP, one of the largest payroll processors out there.
In my case, no direct call or form was required, as the lender just reverified my employment thru their subscription to TWN which had current info from ADP. 
Incidentally, at least one other lender I worked with had my recently changed salary information (including a raise) before I had even recieved my first higher paycheck, timing was right I guess. But this told me to always make sure I'm accurate with income info requests for credit - no idea how many use this service but their info is very accurate.