CRITICAL UPDATE RE: RE-VERIFICATION OF EMPLOYMENT
The following form must be signed just before loan funding.
Because of the sudden massive layoffs and job losses due to COVID-19 most lenders have updated their procedures to re-confirm, before funding, the borrower is still employed.
If the borrower’s employer cannot verify the borrower is actively still employed and receiving a paycheck, we cannot fund that loan
Here is the process to avoid issues:
- On the morning of funding, email the wet-signed BORROWER ATTESTATION form. (Wet-signed)
- A few days prior to funding, request the borrower’s EMPLOYER email to confirm borrower is employed
- The email must come directly from the employer using the company domain, i.e. if the employee works at Qualcomm. the email must come from @qualcomm.com
- In the SUBJECT LINE of the email, include:
- Borrower Name/Loan Number, i.e. Smith/12345678
- Make sure the email says specifically the borrower is
- still employed and still receiving income.
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