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