Carrington Wholesale Lending

Bulletin W13-113 – Update, Verbal Verification of Employment Process

September 9, 2013Bulletins

Topic included in Bulletin W13-113:

  • To minimize the number of phone calls to verify employment in a short period of time, the Verbal Verification of Employment Process has been updated
  • The Account Manager will continue to complete the Verbal Verification of Employment (VVOE) and:
    • If the Note date is >5 business days at the time of funding, the Funder will re-verify employment
    • If the loan requires redrawn documents and the gap from the VVOE and the new Note date is >10 days, the Funder must re-verify. 
    • If the Funder suspects anything is not correct with the employment, the Funder can re-verify employment.
  • The Credit Policy will be updated in the coming days
  • Update is effective immediately

Download: Bulletin – W13-113 (PDF)

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