how to get VVOE ?

VVOE (Verbal Verification of Employment) is typically obtained by contacting the borrower's employer to confirm their employment status.

Here’s how it is generally done:

Steps to Obtain VVOE:

1. Contact the Employer:

   • Call the employer directly using a verified phone number (e.g., from a company website or public directory).
   • Avoid using phone numbers provided by the borrower unless independently verified.

2. Verify Employment Details:

   • Confirm the borrower's name, job title, and employment status.
   • Ask for the start date of employment and whether the borrower is currently employed.

3. Document the Verification:

   • Record the name and title of the person providing the information.
   • Note the date and time of the call.
   • Include the phone number used for verification.

4. Follow Lender Guidelines:

   • Some lenders may require specific forms or templates for VVOE.
   • Ensure the verification is completed within the required timeframe (e.g., typically within 10 days of closing for salaried borrowers or 120 days for self-employed borrowers).

If you are working with a specific lender or program, let me know, and I can provide more detailed guidance based on their requirements.

Here is a summary of the Verbal Verification of Employment (VVOE) requirements for borrowers with 1099 income across the lenders:

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VVOE Requirements for 1099 Income Borrowers

Lender	Timing	Key Requirements	Additional Notes
A&D Mortgage	Within 10 calendar days of the note date	- Confirm employment details with the employer. - Validate income with IRS wage and income transcripts. - Year-to-date earnings verified via paystub, written VOE, or equivalent documentation. - 10% expense ratio applied.	Borrowers with a single employer for the past year may waive tax return requirements.
Angel Oak	Within 10 days of closing	- Confirm employment details. - For transitions from W-2 to 1099, employer documentation is required. - 1099 income treated as self-employment income. - Two years of Federal Tax Returns typically required.	Employer verification is necessary for transitions from W-2 to 1099.
Champions Funding	Within 10 business days of closing	- Confirm active employment. - Verify borrower's name, position, and employer details. - Employer's phone number must be independently verified. - Business existence verified for self-employed borrowers.	Acceptable verification sources include CPA, regulatory agency, or Secretary of State listing.
Change Wholesale	Within 10 days of the note date	- Obtain VVOE from each employer. - Validate income with 1099 transcripts. - Apply a 10% baseline expense factor unless employer confirms no job-related expenses. - Signed IRS 4506-C required.	Year-to-date income documentation (e.g., pay stub or bank statements) is required.
Deephaven	Not explicitly required	- Verify income and employment through alternative documentation. - Validate 1099s with IRS wage and income transcripts. - Employer must confirm no job-related expenses. - Business existence verified for self-employed.	Completion of a Self-Employed Business Narrative Form is required for self-employed borrowers.
NQM Funding	Within 10 business days of closing	- Confirm employment status. - Employer's phone number must be independently verified. - Third-party vendor information must not be older than 35 days as of the note date.	Additional documentation may include recent 1099s, IRS transcripts, or YTD earnings verification if the latest 1099 is over 90 days old.
REMN Wholesale	Within 20 business days of the note date	- Confirm business phone listing and address using verified sources. - Document the source of information and the name/title of the associate obtaining it. - Verify business activity for self-employed borrowers.	For 1099 contractors, verification must include the borrower's ownership percentage in the business.

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Key Takeaways

• Timing: Most lenders require VVOE within 10 calendar or business days of the note date or closing. REMN Wholesale allows up to 20 business days.
• Verification Details: Confirm employment status, employer details, and income consistency. For self-employed borrowers, business existence must be verified.
• Documentation: IRS wage and income transcripts, year-to-date income verification, and signed IRS 4506-C forms are commonly required.
• Expense Factor: A 10% baseline expense factor is often applied unless the employer confirms no job-related expenses.

If you need further clarification or details about a specific lender or program, let me know!