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Discussion:Verification of Employment

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Discussion Forum Index --> General Chat --> Verification of Employment

Actionbsns (talk|edits) said:

2 November 2012
Is Wells Fargo just plain stupid or do they just act that way? I have a verification of employement for a client who has a H&W S corporation. They've been and S corp for about 8 or 9 years. The VOE wants me to mark one of two boxes - My client is the SP of the listed company or My client is in a Partnership within the listed company. And they want to know who the CPA is that prepares the tax return. Idiots, now I have to waste my time trying to complete this thing correctly.

Actionbsns (talk|edits) said:

3 November 2012
I called them to see if they had a different form for this client and spoke with someone who had a really hard time getting the idea of corporation, shareholder of the corporation, officer of the corporation and employee of the corporation - all being the same person. She wanted to know if I were the CPA who prepared the tax return, told her no, I'm the EA who prepared the tax return. She said she would complete the form. I have her name, time we spoke, and date. I'll bet you anything she's got it wrong. And these are the people who are deciding mortgages.

EADave (talk|edits) said:

9 November 2012
Whatever happened to manual underwriting?

These banksters could figure out fairly quickly if the taxpayers are self employed or considered self employed (websites, DBA searches, corporation searches, etc). Why do they need a letter from us to complete their job duties? Laziness I say.

Besides, if a mortgage loan process approval hinges upon a simple letter written by an unknown third party (us), it sounds to me like the banks are headed down the same path as the mid 2000's (easy money loans, easy credit ripoffs.......Good Times). Sorry, couldn't resist!

Actionbsns (talk|edits) said:

5 December 2012
Update on this particular process. The paperwork has expired and my client is starting all over with a new Document Specialist who needs all of the VOE and such repeated. So it seems this is what has become of the mortgage industry in response to how bad it had gotten prior to the "Crash". How is someone supposed to get a mortgage for a new purchase? This is a Re-Fi. Absolutely incredible.

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