When applying for a loan, lenders need to be certain that applicants have a steady job and a reliable source of income. This is where the Verbal Verification of Employment (VVOE) form comes into play. It's a critical document that gathers comprehensive information on a borrower's employment status directly from their employer or, for self-employed individuals, from a reliable and verified third party. The form includes details such as the borrower's name, the loan number, employment type (whether hourly, salary, or commissioned), and employer information including the employer's name, contact number, and address. For self-employed borrowers, the form goes a step further by requiring information about the business, including its name, phone number, type (e.g., Sole Proprietorship, Partnership, S-Corporation, Corporation), and verification of its existence through the Secretary of State or another regulatory agency. Crucially, this form not only confirms current employment status but also provides a snapshot of the borrower's role, length of employment, and, for owners, their percentage of business ownership. By using various sources like directories, the internet, or other means to verify phone numbers and information, lenders ensure the reliability of the data they gather. The VVOE is an indispensable tool in the lending process, offering a thorough check to back a borrower's income claims and securing the loan application process.
| Question | Answer |
|---|---|
| Form Name | Verbal Verification Form |
| Form Length | 1 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 15 sec |
| Other names | verbal voe form fillable, standard verification of employment, verification of employment form, printable standard verification of employment form |
