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What is a WVOE in mortgage lending?
A written verification of employment (WVOE) is a document completed by a borrower's employer that verifies employment details such as position, start date and, when applicable, base pay, overtime, bonus and year-to-date earnings. Lenders use it as part of the income documentation supporting a mortgage, often on Fannie Mae Form 1005.
In agency lending, a WVOE usually supplements pay stubs and W-2s. In some non-QM programs, a WVOE can serve as the primary income document, which helps borrowers whose income is real but hard to document the conventional way.
A WVOE is different from a verbal VOE, the phone or electronic check of employment status close to closing. A WVOE doesn't replace every other document in every scenario; what else is needed depends on the program.
