Employment verification is important because, whether you are applying for a new job or a home loan, your employment history is one of the most crucial pieces of information you will need to provide.
Employment verification helps to protect both the lender and the borrower from taking on a debt that they are unable to pay back.
Along with the mountains of paperwork you will need to provide, your lender will also reach out to your employer directly for employment verification. This is done through both written verification of employment (WVOE) and verbal verification of employment (VVOE).
Pay stubs and Form W-2’s are insufficient forms of employment verification. This is because they do not reflect how income can vary. These variances in income include overtime, bonuses, and commissions.
Additionally, employment verification indicates the likelihood that you will continue in your job.
Employment verification unlocks opportunities by helping the consumer get the best rates. It also enables the lender to mitigate risk when conducting business.
The issue with manual employment verification
Manual employment verification can be inefficient, arduous and time consuming because it is subject to human error and other people’s schedules. This carries risk for both the lender and the borrower.
How can atomic help with employment verification?
atomic’s payroll API streamlines the employment verification process by connecting directly to your employer and payroll provider.
With a simple login procedure, verification happens in real time and detailed user data is provided directly from the employer. As a result, decisions can be made quickly and services provided.
atomic’s ‘Linked Accounts’ feature simplifies the day of closing employment verification that occurs when you are purchasing a home.
Would you like to learn more about how atomic can help with the employment verification process and benefit your company? Get in touch today to request a demo.