Employment Documentation Provided by the Borrower’s Employer

The underwriter may use the Request for Verification of Employment FNMA Form 1005 or Form 1005S to document income for a salaried or commissioned borrower. The date of the completed form must comply with Section Allowable Age of Credit Documents and Federal Income Tax Returns.

The information on the Form 1005 or Form 1005(S) must be legible. The following fields on the form are optional:

Field #	Title of Optional Field
11	Probability of continued employment
14	If overtime or bonus is applicable, is its continuance likely?
16	Date of applicant’s next pay increase
17	Projected amount of next pay increase
18	Date of applicant’s last pay increase
19	Amount of last pay increase
24	Reason for leaving (Part III — Verification of Previous Employment

The remaining fields on the form must be completed as applicable to the borrower. For example, overtime may not be completed if the borrower is in a position that does not pay overtime.

When the borrower authorizes the originator to obtain verifications of employment and income directly from the employer, the underwriter must have the borrower sign FNMA Form 1005 or Form 1005S.

Alternatively, the originator may have the applicant sign a signature authorization form, which gives the originator blanket authorization to request the information it needs to evaluate the applicant’s creditworthiness (see Section Blanket Authorization Form).