Buying A Home

Underwriting and verifying employment

How does the underwriter verify employment?  Do they call, send letter, and what do they ask for the employer to verify?

 

I ask this because we are supposed to have closed by now  but its still in extension because underwriting is having issues with something else.  We were supposed to close the 4th...now it's postponed.  I had planned to go part time once closing was done in order to take an additional job...so I will still work at my present employer but condense it to 2 days a week so I can work 3 days a week at the other place.     

My current place is aware of my plans come September but now I am afraid to turn in the official change of status form because I do not want to go part time until after we close.    Even though I will actually be making more $$$ with having both jobs then I make currently since our hours are cut.  Currently I work about 23 hours a week even though I am still considered full time yet work part time hours.  Once I pick up my 2nd job I will work a total of 42 hours with both jobs combined

Sorry this is long but I guess my final question is....if by chance we can't close until September should I notify the mortgage company about my additional job or will it hurt our chances of getting the mortgage???

Re: Underwriting and verifying employment

  • Lending officer contacted my employer HR department and requested a "verification of employment" letter which stated my start date, title and annual salary, the lending officer submitted to underwriter. I was not aware or informed that they contacted my employer again after that. Since you will be making more money with both jobs, I wouldn't worry about it and I wouldn't bring it up unless asked.

    I don't think it will hurt your chances of getting approved. If you lost job and your DH salary was not enough to cover mortgage, etc and he couldn't qualify on his own is another story.

    TTC Jan 2011, me: 30, DH 32. Unexplained IF. Aug 2012- Bravelle/Ovidrel, IUI 08/21, IUI 08/22= BFN. Feb 2013: Bravelle/Ovidrel, IUI 02/20, IUI 02/21= BFN.
  • I would not change anything about your job until the day after you close. My husband had two jobs. He was asked to be a director at one of his jobs, so he took it even though he had worked there 5 years and was making a lot more money, just him making that change postponed our loan until they had thirty days of pay stubs. Honestly, I wish we hadn't mentioned the change at all. Then again, at the closing table they made us sign something that said that nothing had changed with our jobs or personal finances, so I wouldve had to lie--which I don't do, 

     

    It may work out if you do that, but with you bring so close, I wouldn't do it.  

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