Verbal Verification of Employment
- 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.