David Saks: Real Estate Practice : Lesson 3707

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Real Estate Practice : Lesson 3707

10

Simple process here that either confirms or abnegates your statement to the lender.

Your lender will attempt to determine if the information that you provide on the employment application is verifiable.

The lender will contact the employer, or employers provided, on the loan application and attempt to match up the information that you've provided them with. They'll compare the statements from the employers, that you've included in the application, with the information that you've provided about your employment history.

Remember:

If Verified:


A call will be placed to the references listed by the applicant. A form may also be forwarded to the employer. The lender will have asserted the information specified by the applicant through either the form or phone interview with the employer, or both, and affirmed it's reliability.

If it's not verified or the lender is unable to verify the information:


If the lender is unable to verify the applicant's previous or current employment history with the listed company we might have a red flag here and a have a misrepresentation, false employment information, or some other problem. The past employer may have gone out of business, or not actually exist, too.

Get the figures right? Don't fudge here !

What are your thoughts abiut it, lenders?




David Saks



Time&Temp Memphis

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Comment balloon 2 commentsDavid Saks • September 22 2014 02:37AM

Comments

David, This is a great reminder to consumers not to fudge their income numbers on their loan application because the income will be verified with the employer.

Posted by Sam Miller, Knox County Ohio Real Estate Specialist (RE/MAX Stars Realty) over 5 years ago

And how, Sam !!! It's really tough today for to get a good loan, and misrepresentation will certainly destroy the deal for any borrower. Thanks.

Posted by David Saks ((retired)) over 5 years ago

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