New Federal and investor requirements have resulted in stricter employment and income verification standards. Verification of employment and income, “ability to pay” (QM) and verifications of identity and undisclosed debt (FNMA LQI) are now universal standards. As an authorized re-seller of Equifax Verification Services, Credit Technologies can deliver VOE and VOI results within seconds, leveraging a database of more than 220 million employment and income records from over 2,500 employers. This information is updated every payroll cycle, so you’ll always receive the most up-to-date information possible.
With Work Number® you’ll get faster data with enhanced compliance and it is completely integrated into Credit Technologies’ system, providing fast, accurate results. Simply provide the borrower’s first and last name and Social Security number, and click to submit. In the event your applicant’s employment data isn’t instantly available, a researched verification is immediately initiated and completed with fully documented verifications provided via FNMA Form1005.
Employment & Income (VOI)
Confirm an applicant’s ability to repay quickly and easily with complete employment data and detailed compensation records — wages, bonuses, commissions and overtime. If provided by the employer, the verification will also include historical payment data, dates and amounts of the applicant’s most recent and projected pay increases.
Verification of Employment (VOE)
Typically VOE is utilized when you need to verify the applicant’s employment, but don’t need to understand their “ability to repay” (such as re-verifying employment just prior to closing). The information is provided direct from the employer and includes: employer name, headquarters location, job title, employment status, and length of time with employer.