This is a YouTube video titled "Verification of Employment ✍️ #homeloans #fha #firsttimehomebuyer #mortgage #mortgage" created on June 3, 2023. The content is a detailed explanation about the verification of employment (VOE) process in the context of home loans, discussing how lenders use VOE to verify income types and employment history for underwriting purposes. The speaker provides insights into costs and procedures related to VOE.
A lender may need a verification of employment if there's some question with the employment history or they're trying to really zero in on variable income like overtime, bonus commission, that kind of deal. So on a verification of employment, also known as a voe, it does break down each of those income types for year to date and each of the last two years. So it gives the lender a wide overview to easily calculate everything. This is what underwriting needs if there's variable income involved. It also shows the exact starting date when the last pay raise was. So it shows a lot of little things that underwriting generally needs in those situations. Some employees, employers have their payroll or HR department do it themselves. And some push it to a third party. 50, 50 shot of it costing a little bit or not. Some employers will do it for free. Usually if it's a third party service, they charge 50 or 100 bucks. But just know that the lender, the loan officer, we're not charging, we can't charge anything that is actually just from your employer if they do charge. But this is a necessary thing to make sure that the accurate underwriting takes place on your home loan.
