Not sure if this is standard or not. I started the pre-approval process with 2 local lenders. I have a pre-approval with one, so this all might be a moot point, but I'm trying to weigh whether or not I should proceed with the other.
I'm a contract employee, so I've worked at 5 companies (all in the same industry) over the past 2 years. When I submitted all of my documents to both lenders on Jan 25th, I also included a letter listing all of my employers over the past 5 years, and I explained how my work operates and that I’ve solely worked in this field since 2017.
One lender pre-approved me. The other wants to conduct VOEs all of my employers over the past 2 years. They told me this 1 week after I submitted my pre-approval application and documents.
I provided company email addresses for all still-active companies, and company phone numbers for all but 1 company. One company is remote — so there is no company phone number to give them, but I provided my boss’ email address. One other company was dissolved in a divorce.
Initially, the mortgage company told me that they would only call the companies, so I need to provide a phone number for the remote company & the dissolved company AND/OR documentation supporting that the dissolved company is no more. Apparently, that’s not true, because I’m now getting emails from my former bosses asking if the mortgage company’s email requests are spam (IMHO, these emails are pretty unprofessional. My name is misspelled, there are typos everywhere, they don’t explain why they’re emailing, they just say “fill out this form and send it back to me.”)
Every other day since I submitted, they’ve called me to tell me my pre-approval is almost ready, I’ll have it the next day. Clearly that’s not true. And since it’s now Feb., they need me to submit all of my banking statements again, this time for January.
I’m pretty agitated by now. But I’m a first time homebuyer, and I’m not sure if this is normal or not. I have a pre-approval in-hand from another local lender, but I don’t want to just go with them because they’re faster.
Is this standard? Should I keep working with them while I house-hunt with the other pre-approval? Is that disrespectful of their time?
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source https://www.reddit.com/r/RealEstate/comments/1aihxvm/lender_wants_voes_for_preapproval/
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