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CALL FREDDIE MAC PHONE NUMBER FOR LENDERS VERIFICATION

Lender's Consideration Reviewing VVOE Form VVOE may also be performed for self-employed borrowers by calling the CPA, licensing authority, or other third parties. VVOE is performed for salaried, hourly, and commission based income earners.

However, certain lenders perform may perform VVOE after the loan closing. Some lenders follow the Fannie Mae guide by completing the VVOE within 10 business days prior to the note date. The VVOE is generally completed as late as possible in the loan origination process. Verifying employment details by directly calling the borrower's employer may also mitigate fraud by independently verifying the employment details and salary information. Any change in employment status needs evaluation to determine if the borrower is still eligible for the loan. VVOE helps a lender confirm that the borrower's employment status is same as what was disclosed in the initial loan application.

CALL FREDDIE MAC PHONE NUMBER FOR LENDERS VERIFICATION

Verbal Verification of Employment (VVOE) is the process of verifying the employment status of each borrower on the mortgage application by contacting the borrower's employer over the phone.ДЄ borrower's employment is a significant factor in determining the capacity of a borrower to repay a loan. Additionally, VVOE Form must be separately completed for each employer where the borrower has multiple jobs. A VVOE Form is completed for each borrower that has applied for the mortgage loan. Verbal Verification of Employment Form (VVOE Form) is completed by a lender to document the details of the verification of employment conducted over the phone.

Call freddie mac phone number for lenders