WVOE Loans can provide eligible borrowers with an alternative way to document employment and income when traditional income documentation may not be the most practical option. Tax returns, pay stubs, and other traditional documentation do not always provide the clearest picture of a borrower’s current earnings.
A Written Verification of Employment (WVOE) Loan uses a written verification completed by the borrower’s employer to support qualifying income.
Pacific Bay offers an eligible WVOE option that can simplify the process by not requiring bank statements for income documentation.
What Is a WVOE Loan?
A Written Verification of Employment is a document completed by an employer to verify information about a borrower’s employment and income.
Depending on the program, the verification may include information such as the borrower’s employment status, position, length of employment, and earnings.
Rather than calculating qualifying income through tax returns or analyzing deposits from months of bank statements, the lender may use the employer-provided verification as the primary method of documenting income.
A Simpler WVOE Option With Pacific Bay
Some alternative-documentation mortgage programs may still require supporting bank statements as part of the income review.
With Pacific Bay’s eligible WVOE program, bank statements are not required for income documentation. Instead, qualifying income is supported through a Written Verification of Employment completed by the borrower’s employer.
This can make the documentation process simpler for eligible borrowers who have verifiable employment and income but prefer not to provide months of bank statements for income analysis.
Bank statements or other asset documentation may still be required for separate purposes, such as verifying funds to close or reserves.
Who May Benefit From WVOE Loans?
WVOE Loans may be worth considering for borrowers who have verifiable employment and income but would benefit from an alternative to traditional income documentation.
They may be particularly useful for borrowers who want a more streamlined income documentation process while still verifying income through an eligible employer.
WVOE requirements can vary by program, so the borrower’s employment structure and overall loan scenario must still meet applicable eligibility requirements.
What Else Is Reviewed?
WVOE changes the way income is documented; it does not replace the rest of the mortgage qualification process.
The lender may still review the borrower’s credit profile, assets and reserves, property, occupancy, loan-to-value (LTV), and other applicable eligibility requirements.
The complete loan scenario should therefore be reviewed to determine whether WVOE is an available documentation option.
Explore WVOE Loans With Pacific Bay
For eligible borrowers, WVOE Loans can provide a simpler way to document income without relying on traditional tax returns or bank statement income analysis.
Contact Pacific Bay Lending Group to discuss your scenario and determine whether a WVOE documentation option may be available.
