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Verification of rent

Established Member

Verification of rent

We were conditionally approved for a FHA loan and they never verified my rent all history does that have something to do atutomated underwriting and my credit score my mid is 670
Message 1 of 8
7 REPLIES
Established Contributor

Re: Verification of rent

If our Automated Underwriting System doesn't require for a verification of rent, we won't ask for it.

Mortgage Loan Officer in Greater Chicago Area plus 49 states
Message 2 of 8
Established Member

Re: Verification of rent

Ok. I figured that is why it wasn’t asked for
Message 3 of 8
Regular Contributor

Re: Verification of rent

How do you know if you will be asked for Vor? I was preapproved and we submitted an offer on a home last night, but was wondering if i will be asked for rent verification.
Discover IT $16k, Costco Visa $5.5k, BofA rewards $500, C1 QS VS $11k, VentureOne $11.75k Golden1 CU $2k, Barclay's Rwds $2.8k, Barclays Cash Fwd $2.8k, NFL Extra Points $1750, Walmart $6k, Old Navy $4k, Target MC $7k, Sears MC $3K, Overstock $3.9k, Pink $3,050, Kohl's $3000

Current Fico8; TU 721 EX 710 EQ 697
BK7 DC 12/14
Message 4 of 8
Established Contributor

Re: Verification of rent


@flako8811 wrote:
How do you know if you will be asked for Vor? I was preapproved and we submitted an offer on a home last night, but was wondering if i will be asked for rent verification.

Our system will ask for it.

Mortgage Loan Officer in Greater Chicago Area plus 49 states
Message 5 of 8
Regular Contributor

Re: Verification of rent

Thanks for the reply, but i was more interested in what might cause a system to ask for Vor? If no negative items other than a bankruptcy from 2014 and a mid fico score of 702. Also a backend ratio of 38.6% cause the system to ask for VOR? Thanks for the info, i know not all lenders are the same but just asking to be aware.
Discover IT $16k, Costco Visa $5.5k, BofA rewards $500, C1 QS VS $11k, VentureOne $11.75k Golden1 CU $2k, Barclay's Rwds $2.8k, Barclays Cash Fwd $2.8k, NFL Extra Points $1750, Walmart $6k, Old Navy $4k, Target MC $7k, Sears MC $3K, Overstock $3.9k, Pink $3,050, Kohl's $3000

Current Fico8; TU 721 EX 710 EQ 697
BK7 DC 12/14
Message 6 of 8
Established Contributor

Re: Verification of rent


@flako8811 wrote:
Thanks for the reply, but i was more interested in what might cause a system to ask for Vor? If no negative items other than a bankruptcy from 2014 and a mid fico score of 702. Also a backend ratio of 38.6% cause the system to ask for VOR? Thanks for the info, i know not all lenders are the same but just asking to be aware.

From what I've seen.. score of 620 or below and the results from our system requiring a manual underwrite.

Mortgage Loan Officer in Greater Chicago Area plus 49 states
Message 7 of 8
Regular Contributor

Re: Verification of rent

Sounds good, Thanks.
Discover IT $16k, Costco Visa $5.5k, BofA rewards $500, C1 QS VS $11k, VentureOne $11.75k Golden1 CU $2k, Barclay's Rwds $2.8k, Barclays Cash Fwd $2.8k, NFL Extra Points $1750, Walmart $6k, Old Navy $4k, Target MC $7k, Sears MC $3K, Overstock $3.9k, Pink $3,050, Kohl's $3000

Current Fico8; TU 721 EX 710 EQ 697
BK7 DC 12/14
Message 8 of 8