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Version: 2011.07.01

Loan Application Paperwork

Once you have given all preliminary information to your loan officer, your lender sends verification forms to your employers, banks, and current mortgage company or landlord, and also orders the credit report and appraisal. You sign a release to authorize these steps. Your lender will provide you with a Loan Estimate.

Loan Estimate​

The Loan Estimate lists the estimated costs you will incur at closing. Some of the numbers listed on this form are prorations, subject to change based on the actual date of the closing. Others are set fees that should remain the same. The Loan Estimate will show you the estimated payment and estimated cash to close. There is also a comparisons section that will show you how much you will have paid in five years, the Annual Percentage Rate (APR), and the Total Interest Percentage (TIP) that you will pay over the loan term.

Verification of Employment (VOE)​

The lender sends Verification of Employment forms to all employers for the last two years. The employers complete, sign, and return the forms to the lender. The forms show the dates of employment, the amount of money you earned last year, and how much you have earned so far this year. The VOE also documents bonuses and overtime you earned.

Verification of Deposit (VOD)​

Verification of Deposit forms go to each banking institution listed on your application. The institutions indicate the date you opened each account, average balances for the last three months, and the amount of money you have in each account on the day they complete the form. Any loans or overdraft accounts you have with the bank will also be shown.

Verification of Mortgage/Rent Payment (VOM)​

Mortgage companies and landlords complete Verification of Mortgage forms. These show the lender how much you owe, the amount of your monthly payment, and whether you make your payments by the due date.

Credit Report and Appraisal​

Your credit report shows the amounts of money you owe to each of your creditors, minimum monthly payments, and your payment history. The appraisal confirms the value of the home you are purchasing for you and your lender.