What will a bank ask in an employment verification process?

Question

In terms of a mortgage loan, what will the bank call to verify? They can't ask how much the salary is, can they?
I was thinking it would consist of Job Title and duties & Length of employment. Can anyone elaborate on this in detail?

Answer 1

Well I don't know where the rest of these guys have been or how they verify income ,but when I send out a verification of Income to your employer I ask.

#1 yearly income

#2 No of years been employed by this company

#3 Title and positon held by this applicant

How else is a mortgage company gonna figure out if you are qualified to get a mortgage if they can not get the rexact amount you earn yearly.

There is a formula used to determined if you are qualified to get a mortgage. In the mortgage industry we call it the front and back ratios.

To get this formula correct we can not have you employer give us an estimated amount of your yearly income. We need the exact amount earned.

If you don't want the mortgage broker to send out the varification o fimcome, you may provide 2 years of W-2 for all your employers you work for. You will have to back this up with current paystubs from all employers. These documents have your exact weekly or monthly earnings on them.

Now if you can not back up what you need to get a house you should not purchase a house. There is a thing called No income verification, your mortgage broker just verify your assests.

Doing a no income verification loan will increase your interest rate which will increase your monthly payments. You will also need a higher credit score, but these loans are still available .

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 2

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Answer 3

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Answer 5

Jinixes---
you are correct...no one can directly ask"
"Does he make $50,000 a year?"

BUT----- the law does allow for them to ask:
"Does he make approximately $50,000 a year?"

Your HR dept will either say yes- approximately that amount...or they will say "No - nowhere near that amount"

If you have misrepresented your income on your application, the loan company will ask you to provide proof of income.

AND---most reputable loan companies will ask for employment and income verification during the loan process any way.

good luck :)

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Answer 7

they will ask to verify employment title and length of employment and if you are trying to cover up that you don't make enough in there eyes they will want 2 years of tax return forms

Answer 8

They can ask whatever they like, you should talk to the HR Dept and find out what information they will give them when they call. If they say that they will give out wage info, ask them not too, but the bank may still want to confirm your income.

Answer 9

Of course they can ask what the rate of pay is. That is one of the things they verify. They also ask length of employment, whether youa re salaried or hourly, full time or part time, and, if you get bonus or overtime income, if it is likely to continue.

Answer 10

They will verify your income; either with your employer or by asking you to provide a W2 or paystub.