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Unformatted text preview: part II of the form is divided into two parts: employment record and pay data. Line 13 of the employment section inquires about the existence of overtime and/or bonuses, and, if they are paid, what the likelihood is of their continuance in the future. Part Ill of the form, Verification of Previous Employment, is to be filled out by the employer only if the person signing the request is no longer an employee. This form will be forwarded directly to the employer and the employer will return the completed form directly to the lender. Do not ask the lender if you can hand carry the verification to help speed up approval; the statement at the bottom specifies that the form must be transmitted directly to the lender without passing through the hands of the applicant or any other party. Form 14-1: Request for Verification of Employment Dynasty School (www.dynastySchool.com) 14-15 REAL ESTATE FINANCE 14-16 Licensing School for Appraisal, CPA, Contractors, Insurance, Real Estate, Notary, Nurse, Food Handlers, Tax and Securities 14: THE LOAN PROCESSING
VERIFICATION OF DEPOSITS
Fannie Mae Form 1006, Request for Verification of Deposit, is shown in Form 14–3. This form is divided into two Sections. The first section is completed by the lender from information supplied by the applicant and is signed by the applicant, authorizing the financial institution to release the information to the lender. The second section of the form is to be completed by the financial institution. The financial institution is asked to give information about the deposit accounts and outstanding loans of the applicant. In the section dealing with deposit accounts, the financial institution is asked to give the current balance and also the average balance for the previous 2 months. There is reason for such a request. For example, if the present balance in the account is $10,000 and the average balance for the previous 2 months has been only $3,000, the lender will ask the applicant to explain the reason for the radical increase...
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- Spring '10