Selling Guide

Published April 07, 2021

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What are the general requirements for a verbal VOE?

Verbal Verification of Employment

Lenders must obtain a verbal verification of employment (verbal VOE) for each borrower using employment or self-employment income to qualify. The verbal VOE must be obtained within 10 business days prior to the note date for employment income, and within 120 calendar days prior to the note date for self-employment income. The verbal VOE requirement is intended to help lenders mitigate risk by confirming, as late in the process as possible, that the borrower remains employed as originally disclosed on the loan application. A change in the borrower’s employment status could have a significant impact on that borrower’s capacity to repay the mortgage loan and must be fully reevaluated.

Alternatively, lenders may obtain the verbal VOE after closing, up to the time of loan delivery. If the verbal VOE cannot be obtained prior to delivery, the loan is ineligible for delivery to Fannie Mae. 

Note: If the employer confirms the borrower is currently on temporary leave, the lender must consider the borrower “employed.” See B3-3.1-09, Other Sources of Income, for details on temporary leave. 
 

For all requirements related to the VVOE, see B3-3.1-07, Verbal Verification of Employment.

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