Selling Guide

Published April 07, 2021

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How is employment verified for a self-employed borrower?

Verbal Verification of Employment

Requirements:

  • The lender must verify the existence of the borrower's business within 120 calendar days prior to the note date
    • from a third party, such as a CPA, regulatory agency, or the applicable licensing bureau, if possible; or
    • by verifying a phone listing and address for the borrower's business using a telephone book, the Internet, or directory assistance.
  • The lender must document the source of the information obtained and the name and title of the lender's employee who obtained the information.

For additional information, see B3-3.1-07, Verbal Verification of Employment.

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