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Fannie Mae's new "verbal" VOE requirements

Fannie Mae has changed its underwriting policies to combat fraud. The bottom line: you need a “verbal” verification within 10 days of closing and meets the requirements.

As Fannie Mae explains in its very easy to read FAQ about the recent policy changes, (PDF) “The lender must verify employment either verbally or in writing within 10 days of closing. Another paystub is not sufficient. Many employers who won’t verify have contracted with employment verification vendors, and the information can be accessed from those vendors.” (See Q21, page 5.)

The 10-day requirement is measured from the date the verification is requested from The “as of” data on the verification must be no more than 35 days old. Since employers provide updates on to their records either each payroll period or monthly, in essence all verifications will be within that window. (See Q22, page 5.)

Fannie Mae has also added some new requirements related to 4506-Ts. You’re now required to get a signed 4506-T from all borrowers, not just the self-employed, at application and again at closing. Fannie Mae also “highly recommends” that the 4506-T be executed and the transcripts obtained from the IRS or from a designee.  What better time to sign up for than now!

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