Anyone doing a Refi have their lender get weird about employment verification?

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Jun 1, 2020
2:16:17pm

Memmo All-American

Anyone doing a Refi have their lender get weird about employment verification?

My situation is pretty much unchanged from before COVID, but they're asking my company to certify that COVID has not altered my probability of remaining employed in the future. I'm not sure I'll be able to get anyone in the company to sign off on such a statement. Even if I could impede on the time of the potential decision-maker, why would they ever disclose their thinking to a random lender? I know times are weird, but is this common right now?

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Memmo

Previous username: (Private)
Bio page: Memmo
Joined: Feb 8, 2011
Last login: Apr 18, 2024
Total posts: 12,666 (746 FO)

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Messages

Author

Time

Anyone doing a Refi have their lender get weird about employment verification?

Memmo

6/1/20 2:16pm

I haven't experienced this, but I am a lender. This is the new reality. Banks are freaked out and requiring assurances

Pimpin4Paradise

6/1/20 2:22pm

And companies are giving it?

Memmo

6/1/20 2:22pm

Yeah if I was a company no way I would sign something saying that.

cougarfann888

6/1/20 2:24pm

Not necessarily. It's a box that we have to check off, but if we get information that is concerning it could be a

Pimpin4Paradise

6/1/20 2:24pm

Just closed on a refi, and they did two separate employment verification checks.

6/1/20 2:24pm

That's fine. But did they ask your employer to certify that you'd continue

Memmo

6/1/20 2:25pm

Yes.

6/1/20 2:26pm

It's sad there are people who would lose their jobs in the middle of getting a

SandYFan

6/1/20 2:27pm

I think it’s one thing if you are buying but if you are refinancing I would

cougarfann888

6/1/20 2:33pm

Hmm good point. I still think it's sketchy to do that.

SandYFan

6/1/20 2:34pm

Same here, with a broker I’ve used before

TwinsRight

6/1/20 2:29pm

Lots of lender overlays right now

6/1/20 2:29pm

They just wanted to know I was still employed within 48hrs of closing. But didn't need to sign off on anything nor state

6/1/20 2:45pm

Same here.

agentx

6/1/20 3:23pm

I had to sign a bunch of paperwork stating that my employment hasn't or wouldn't

LaserCoug

6/1/20 3:11pm

Not to make light of your predicament, but reminded me of a time a fellow middle manager was fired the day his loan was

6/1/20 3:13pm

My employer would never sign anything like that, even if it's true

bythenumbers

6/1/20 4:00pm

Most HR's will only give a letter that you are employed. If a company gave

Iguazu

6/1/20 4:46pm

Exactly. Our HR would never allow this.

bythenumbers

6/1/20 4:53pm

Standard instructions with most Fortune 500s is verify title and employment date

Forzaitalia

6/1/20 5:22pm

Very common.

mulletino

6/1/20 7:58pm

Well according to this thread it always and never happens.

Memmo

6/2/20 8:34am

Very common under current COVID circumstances.

mulletino

6/2/20 8:37am

Will lenders work with me if the Company won't sign it? I can make a pretty

Memmo

6/2/20 10:45am

Yes, we've found ways around it.

mulletino

6/2/20 10:46am

I think it might be common to require this

bythenumbers

6/2/20 8:46am

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