Employment Verification Requirements
Avantus Verification of Employment (VOE) service helps lenders reduce processing time and close their loans faster and more efficiently. With a simple click of the mouse a VOE can be ordered and completed quickly, in compliance with your lending requirements. Avantus VOE service, now available in Encompass, can return employment verifications from any source; including the industry standard for employment data, The Work Number®.
Ease your compliance burden, reduce processing time
The GSE's and wholesale lenders have tightened restrictions on employment verifications, putting an increased burden on processing departments at many lenders across the country. Fannie Mae requires that verbal employment verifications (VOE's) must be dated within 10 calendar days of the note date for salaried borrowers and within 30 days for the self-employed. Verbal employment verifications must be documented and dated, including the name and title of the person confirming employment as well as the source of the phone number. The lender must have independently obtained this phone number and, if possible, an address for the borrower's employer. Freddie Mac and many wholesale lenders are following similar guidelines, but timelines may vary between lenders.
Benefits of ordering your employment verifications with Avantus:
- Stay compliant with the latest VOE documentation requirements without overextending your processors
- Reduce processing time and speed loans to closing
- Spot fraudulent loan attempts early in the process
- Verify an applicant's employment history and current employment status quickly and easily
Faster, More Confident Lending Decisions
Knowing whether or not your potential borrower has the ability to repay the loan is possibly the most important piece of information a lender can have. Getting it quickly can save you time and money.
Our employment verification service is fast and efficient. Employment data that can be verified through automated providers will be returned immediately, and most manual verification results are returned in 24-48 hours.
If you're already an Avantus customer, simply begin ordering your verifications in the Avantus ordering system. If your organization uses Encompass, you can order our all of our verification products from the Services menu in Encompass. Need help? See: How to Order Verifications in Encompass
If you're not a customer and would like more information on ordering your employment verifications through Avantus, simply let us know by e-mail or call us at 800.243.0120.