Steamline Refinance, Verification of Employment

[twojp]

We have a mortgage that we got in Feb 2009 and we want to refinance with the new streamline program. My wife and I at the time were both working however she is now home with our new baby. All the information says that there is no verification of employment however my mortgage guy says most lenders "overlay" will verify employment and that we both have to be working to get this streamline refinance. We have a 800 credit score and perfect payment history. Does anyone have any suggestions or lenders that do not require VOE? Please let me know your suggestions, ideas, and thoughts.

[Evan Bedard]

We have a mortgage that we got in Feb 2009 and we want to refinance with the new streamline program. My wife and I at the time were both working however she is now home with our new baby. All the information says that there is no verification of employment however my mortgage guy says most lenders "overlay" will verify employment and that we both have to be working to get this streamline refinance. We have a 800 credit score and perfect payment history. Does anyone have any suggestions or lenders that do not require VOE? Please let me know your suggestions, ideas, and thoughts.

Welcome and thanks for joining the community.

Are you referring to the HARP program or the FHA streamline refinance? If you are referring to HARP here is some information from Fannie Mae about VOE:

https://www.efanniemae.com/sf/mha/mh...inancefaqs.pdf

Does the lender need to verify the borrower’s employment and income for the loan to be eligible for Refi Plus?

For DU Refi Plus, the lender must obtain a verbal verification of employment (VOE) and verify the borrower’s source of non-employment income, plus obtain any other income documentation as required by the DU Underwriting Findings report.

The lender is relieved of underwriting representations and warranties if the lender meets all of these requirements: enters data that is complete, accurate, and not fraudulent; follows the instructions in the DU Underwriting Findings report regarding income, employment, asset, and fieldwork documentation; and complies with all other requirements as documented in the Selling Guide.

For Refi Plus (manual underwriting), if the borrower’s principal and interest payment is not increasing more than 20%, the lender must verify the borrower’s employment and source of non-employment income, if any. In these cases, lenders are required to obtain at least a verbal VOE to verify that borrowers are currently employed and, if applicable, verify the source of any non-employment income. The borrower’s ability to repay the mortgage loan is based primarily on the acceptable payment history of the existing mortgage and the borrower benefit provisions. If a lender verifies income sources in accordance with the foregoing, Fannie Mae’s quality assurance process will deem the lender to have complied with income verification requirements applicable to a Refi Plus loan.

[textamp]

We have a mortgage that we got in Feb 2009 and we want to refinance with the new streamline program. My wife and I at the time were both working however she is now home with our new baby. All the information says that there is no verification of employment however my mortgage guy says most lenders "overlay" will verify employment and that we both have to be working to get this streamline refinance. We have a 800 credit score and perfect payment history. Does anyone have any suggestions or lenders that do not require VOE? Please let me know your suggestions, ideas, and thoughts.

I am in a similar situation but reversed. I can verify employment but my credit score is below 620. Can't seem to find a lender willing to do an FHA Streamline without pulling credit and needing 620+.

[Evan Bedard]

I am in a similar situation but reversed. I can verify employment but my credit score is below 620. Can't seem to find a lender willing to do an FHA Streamline without pulling credit and needing 620+.

Here is a thread with other members who have also been told you need a credit score of 620+ to qualify for a FHA Streamline Refi. Cat posted some good information in regards to this issue that states a credit check should not be required for the FHA streamline..

FHA Streamline at Wells Fargo - requires a credit check???

[dsnook]

We have a mortgage that we got in Feb 2009 and we want to refinance with the new streamline program. My wife and I at the time were both working however she is now home with our new baby. All the information says that there is no verification of employment however my mortgage guy says most lenders "overlay" will verify employment and that we both have to be working to get this streamline refinance. We have a 800 credit score and perfect payment history. Does anyone have any suggestions or lenders that do not require VOE? Please let me know your suggestions, ideas, and thoughts.

A bit late on my reply, but I can confirm that Quicken has performed VOE's on both me and my wife for our FHA "Streamline". In fact they are in the process of re-verifying both of our employment now that we are near the finish line (hopefully). We are on day 45 or our refinance process.

[Debanne]

First try at this. My husband and I applied for the streamline refinance with Wells Fargo. It has not been a picnic. We started the process in June and we are still waiting on WF. We signed the paperwork sent it back, they sent it back because they said we missed a blank. They asked for w2's, ran a credit check. In other words, it seems like they are asking for all the things that are not supposedly needed to qualify for a streamline refinance, that is according to FHA website, and other articles I read. According to the paperwork sent to us our new payment starts in September. The new payment amount has not shown up yet. FYI, WF carries our mortgage now. No one calls back at WF. I feel they are not going to honor the streamline program setup by the Obama administration. Has anyone dealt with WF for a streamline finance?

[Evan Bedard]

According to the paperwork sent to us our new payment starts in September. The new payment amount has not shown up yet. FYI, WF carries our mortgage now. No one calls back at WF. I feel they are not going to honor the streamline program setup by the Obama administration. Has anyone dealt with WF for a streamline finance?

Welcome and thanks for joining the community.

How long ago did you complete the streamline refi? If you just completed the process be aware that it can takes these banks sometimes up to 2-4 weeks to fully update your account with the new terms/payment. If you do not see a change in your payment or continue to get the run around I would suggest contacting the emails listed below to see if anyone in their department can assist you to help finalize the process..

Jennifer Booth
Executive Specialist, Office of the President
Wells Fargo Home Mortgage
MAC X2302-02J
1 Home Campus
Des Moines, IA 50328
PH: 515.324.5925
PH: 800.853.8516, ext. 45925
FX: 866.972.0924
Jennifer.N.Booth@Wellsfargo.com

cara.k.heiden@wellsfargo.com; CEO, Co-President WFHM

mike.heid@wellsfargo.com; Co-President WFHM

jerald.banwart@wellsfargo.com; SVP WFHM

mary.coffin@wellsfargo.com; VP WFHM