Verification of Income and Employment (VOIE) is a process[1] used by banks and mortgage lenders in the United States to review the employment history of a borrower,[2] to determine the borrower's job stability and cross-reference income history with that stated on the Uniform Residential Loan Application (Form 1003). Lenders require complete VOE declaring all positions held for the last two years of employment history.
For mortgage the majority of the lenders are following Fannie Mae and Freddie Mac guidelines. Fannie Mae's guidelines are outlined in their Selling Guide, while Freddie Mac's requirements are detailed in their Servicer Guide. Both agencies aim to ensure borrowers have a reliable and sufficient income to support mortgage payments, thereby minimizing risk for lenders and investors. Most mortgages are preceded by both written and verbal VOEs.
There are multiple methods to verify employment available to the lenders.