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Update to Conventional (FNMA and FHLMC) Verbal VOE Requirements


(Applicable to all channels)



Dear Licensed Partner,

Fannie Mae and Freddie Mac via Lender Letter LL-2021-03 and FHLMC Bulletin 2021-10 announced the rolling back of temporary flexibilities related to Verbal Verification of Employment for wage earners due to the COVID-19 pandemic. The rollback is effective for loan applications dated on or after May 1, 2021.

Sun West Mortgage Company, Inc. is updating the guidelines for Conventional loans (Fannie Mae and Freddie Mac loans) with an application date on or after May 1, 2021 as follows:

  1. Sun West will require a verbal verification from the borrower's employer within ten (10) business days prior to the Note date. The verbal verification must confirm the contact information of the employer, the name and designation of the person verifying the information, the time, and the date of the verification.
  2. Sun West will accept a written verification confirming the borrower's current employment status in lieu of a verbal verification if the written verification is completed within the same time frame as the verbal verification of employment requirements. The written documentation must include the name and title of the person who completed the verification for the employer.
  3. If the employer uses a third-party employment verification vendor, Sun West will accept the borrower's current employment status verification obtained from such third-party vendor provided the documentation was obtained within the same time frame as the verbal verification of employment requirements.

If you have any questions, please contact your Client Relations Manager at (855) AT-SUNWEST or (855) 287-8693.

Sincerely,

Sun West Mortgage Company, Inc.

6131 Orangethorpe Avenue, Suite 500
Buena Park, CA 90620
Phone: (800) 453-7884



SW-1: Our No Overlays Program

This information is provided to licensed mortgage professionals only and not for distribution to consumers. Please visit https://www.swmc.com/disclaimer.php or refer to www.nmlsconsumeraccess.org to see where Sun West Mortgage Company, Inc. (NMLS ID 3277) is a licensed lender and servicer. All Rights Reserved. We are not accepting applications from Georgia or Massachusetts residents. We are purchasing mortgages secured by Massachusetts properties but not Georgia. Sun West Mortgage Company, Inc. (NMLS ID 3277) holds a Financing Law License (#6030119) [Loans made or arranged pursuant to a California Financing Law license], licensed by the California Department of Business Oversight, Phone: (866) ASK-CORP and has a DRE Real Estate Corporation License Endorsement (#00793885), licensed by the California Department of Real Estate, Phone: (877) 373-4542.

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