Author Topic: Fannie Mae employment verification  (Read 1289 times)

Jack

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Fannie Mae employment verification
« on: September 07, 2016, 02:19:26 PM »
I refinanced my mortgage close to six months ago, and the originator sold it to a new servicer one month ago. Today, I received an email from HR telling me Fannie Mae sent a request for employment verification and asking for my consent. Why would Fannie Mae want verification so long after-the-fact? Is there any reason to give them the information (or not to do so)?

Chiron

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Re: Fannie Mae employment verification
« Reply #1 on: September 07, 2016, 03:10:14 PM »
I refinanced my mortgage close to six months ago, and the originator sold it to a new servicer one month ago. Today, I received an email from HR telling me Fannie Mae sent a request for employment verification and asking for my consent. Why would Fannie Mae want verification so long after-the-fact? Is there any reason to give them the information (or not to do so)?

My guess is that it should have been obtained prior to closing the loan and is now missing from the file but required by Fannie to buy the loan or by its underwriters to securitize the loan for resale in a mortgage bond. So now they're asking for it to complete the file.  I don't think you stand to lose or gain much by providing/not providing the verification.

frugalcoconut

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Re: Fannie Mae employment verification
« Reply #2 on: September 07, 2016, 08:45:32 PM »
Overall I agree with Chiron's response but I would be curious to see exactly what Fannie Mae sent over in their "request" ... such as an authorization form that had previously been signed by you as part of the original mortgage application or closing paperwork.

As a side note, it would be interesting to see what would happen in this scenario if you no longer worked there (especially if you already FIRE'd).

Realistically they should only verify employment as of six months ago.  A *new* verification of employment seems kinda shady to me ... like what are they going to do if they don't get it, call your loan by activating the acceleration clause?  Otherwise they'll just have to suck it up and cross their fingers that they got a quality loan.  (Due diligence, anyone?)

Landlady

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Re: Fannie Mae employment verification
« Reply #3 on: September 08, 2016, 02:07:56 PM »
This worries me. I'd call your lender and ask for an explanation. Worst case scenario is that it could be a scam or someone stealing your identity. This is VERY unlikely but I'd rather investigate it first, then give HR the go ahead.