Verification of Employment

Both Fannie Mae and Freddie Mac now require verification of employment within 10 days prior to the note date on 100% of loans.  (Fannie Mae Announcement 09-19, Freddie Mac Bulletin # 2009-18).

Birchwood’s verification of employment service helps you validate an applicant’s ability to make good on his credit obligations, helping you mitigate fraud and other risks. We offer a fast, thorough service that saves you time and hassle.

Product Features:

Fast processing:

• Verbal VOE: 60% within 24 hours, 90% within 48 hours
• Written VOE: Typically 72 hours (via faxed form to the employer) 

Status alerts:

• Regular status reports on all VOE orders
• Alerts if we are having difficulty contacting the employer or the employer has informed us of a delay
• Completion alert sent via email once the VOE order has been finalized

We provide four service options for a verification of employment:

1. Written VOE

• The phone number for the employer is confirmed to be associated with the employer, if not we search for another phone number to use.
• The employer is contacted to obtain the correct contact person and fax number.
• If necessary, follow up calls are made to expedite the return of the completed form.

2. Verbal VOE

• The phone number for the employer is confirmed to be associated with the employer, if not we search for another phone number to use.
• The employer is contacted and if required by the employer, a copy of the borrower authorization is faxed to them.
• For self-employed borrowers, we call their CPA or other professional to validate borrower relationship to company and years in business, or search for a business license.

3. Re-verification

The employer is contacted and asked to confirm the borrower’s employment status is still active.  The note is added to the new file.  

4. VOE database

The employer is contacted, if they inform us they use a third party database for generating of VOE information, we can access that website to pull the VOE documents and upload them to the system.