Verification of Employment

When a borrower submits an application for a mortgage, the lender will verify all of the income and asset information, including two years of employment or other income. Lenders typically require mortgage applicants to have at least two years of stable employment with the same employer or in the same industry. The lender will send a request to every employer the borrower has worked for in the two years prior to the loan application. Lenders request this information to verify dates of employment, income received and positions held that the borrower listed on their application. The completed forms then become a part of the loan file. Prior to closing the loan, lenders typically conduct a verbal verification of employment. A phone call is made to the borrower’s current employer to confirm that he or she still works there so that the individual remains qualified for the stated terms of the mortgage.