VOE Prior to Closing

[honker73]

My question involves a mortgage in the state of: IL

We are set to close at the end of the month - the closing is scheduled. However, my boyfriend may be laid off prior to closing.
My question is: Do lenders re-verify employment prior to closing?

Thanks.

[OhMy]

My question involves a mortgage in the state of: IL

We are set to close at the end of the month - the closing is scheduled. However, my boyfriend may be laid off prior to closing.
My question is: Do lenders re-verify employment prior to closing?

Thanks.

If your rate is locked and your closing is set they will NOT re run anything prior to closing.

HOWEVER, at closing you have to sign a statement that nothing in your original application has changed since you first applied for the loan.

If you sign such a paper at closing it would be considered mortgage fraud. Mortgage fraud is a FEDERAL crime. The way they do this is to charge you with wire fraud if you ever go into default and the loan is re verified.

Since most never sign a loan with the intention of going into default they do not think about what can happen. You where smart to come on here and ask such a question.

All I will tell you is that if you ever go into default this can come back to haunt you for sure. The FBI mortgage fraud task force is not anyone you would want to have to answer to thats for sure.

Loans are subject to re verification after closing as well, loans are picked at random for follow up verification so you have no way of knowing if yours is the one that will be picked for audit.