Selling Guide

Published December 16, 2020

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What is required when using a written VOE Form 1005 to document income?

Employment Documentation Provided by the Borrower's Employer

The lender may use the Request for Verification of Employment (Form 1005 or Form 1005(S))* to document income for a salaried or commissioned borrower. The date of the completed form must comply with B1-1-03, Allowable Age of Credit Documents and Federal Income Tax Returns.

The information on the Form 1005 or Form 1005(S) must be legible. The following fields on the form are optional:

 

Field # Title of Optional Field
11 Probability of continued employment
14 If overtime or bonus is applicable, is its continuance likely?
16 Date of applicant’s next pay increase
17 Projected amount of next pay increase
18 Date of applicant’s last pay increase
19 Amount of last pay increase
24 Reason for leaving (Part III — Verification of Previous Employment)

The remaining fields on the form must be completed as applicable to the borrower. For example, overtime may not be completed if the borrower is in a position that does not pay overtime. 

When the borrower authorizes the lender to obtain verifications of employment and income directly from the employer, the lender must have the borrower sign Form 1005 or Form 1005(S). 

Alternatively, the lender may have the applicant sign a signature authorization form, which gives the lender blanket authorization to request the information it needs to evaluate the applicant’s creditworthiness (see B1-1-02, Blanket Authorization Form). 

For additional information, see B3-3.1-02, Standards for Employment Documentation.

*For a complete list of forms used in fulfilling requirements contained in the Selling and Servicing Guides, see the Guide Forms page.

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