Employment Offers or Contracts
If the borrower is scheduled to begin employment under the terms of an employment offer or contract, the lender may deliver the loan in accordance with one of the options outlined below.
The underwriter must obtain an executed copy of the borrower's offer or contract for future employment and anticipated income.
The underwriter must obtain and review the borrower’s offer or contract for future employment. The employment offer or contract must
clearly identify the employer and the borrower, be signed by the employer, and be accepted and signed by the borrower;
clearly identify the terms of employment, including position, type and rate of pay, and start date; and
be non-contingent. Note: If conditions of employment exist, the underwriter must confirm prior to closing that all conditions of employment are satisfied either by verbal verification or written documentation. This confirmation must be noted in the mortgage loan file.
Also note that for a union member who works in an occupation that results in a series of short-term job assignments (such as a skilled construction worker, longshoreman, or stagehand), the union may provide the executed employment offer or contract for future employment.
The borrower’s start date must be no earlier than 30 days prior to the note date or no later than 90 days after the note date.
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