Verbal Verification of Employment - Planet Home Lending

Verbal Verification of Employment (VVOE) is a process used by lenders like Planet Home Lending to verify an applicant's employment and income information directly from their employer. It is done to ensure the accuracy of the information provided by the applicant during the loan application process.

FAQ

Q: What is Verbal Verification of Employment?A: Verbal Verification of Employment is a process used by lenders to verify a borrower's employment status.

Q: Why is Verbal Verification of Employment done?A: Verifying a borrower's employment helps lenders assess the borrower's ability to repay a loan.

Q: Who conducts Verbal Verification of Employment?A: Verbal Verification of Employment is typically conducted by a lender or a third-party verification service.

Q: What information is verified during Verbal Verification of Employment?A: During Verbal Verification of Employment, the lender confirms the borrower's job title, employment dates, and income.

Q: Is Verbal Verification of Employment mandatory?A: Verbal Verification of Employment is not mandatory for all loan applications, but many lenders choose to verify employment as part of their underwriting process.

Q: How is Verbal Verification of Employment conducted?A: Verbal Verification of Employment is usually done by contacting the borrower's employer directly or through an automated verification system.

Q: How long does Verbal Verification of Employment take?A: The duration of Verbal Verification of Employment can vary, but it typically takes a few days to complete the process.