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

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Jun 1, 2020
2:22:08pm

Pimpin4Paradise Intervention Needed

like this. Very common practice right now.

This message has been modified

Originally posted on Jun 1, 2020 at 2:22:08pm

Message modified by Pimpin4Paradise on Jun 1, 2020 at 2:23:04pm

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Pimpin4Paradise

Previous username: ChubbyChaser
Bio page: Pimpin4Paradise
Joined: May 2, 2008
Last login: Nov 12, 2022
Total posts: 56,121 (5,737 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.

Philosoraptor

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.

Philosoraptor

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

Linescratcher

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

TheLoneCougar

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

Hank Rearden

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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