What is Fannie Mae Form 30?

Fannie Mae Form 30 Overview

Fannie Mae Form 30, also known as the "Verification of Employment (VOE)" form, is a document used in the mortgage lending process. This form is designed for lenders to verify a mortgage applicant's employment history and current employment status. Form 30 is used to verify that the borrower has a stable and reliable source of income to repay a mortgage loan.

Here are some key aspects of Fannie Mae Form 30:

  1. Employment Verification: The form is used to confirm the borrower's employment status, including the length of employment, position held, and income details.
  2. Income Verification: Lenders use the form to verify the borrower's salary or hourly wage, including overtime, bonuses, commissions, and other forms of income. This helps calculate a borrower’s debt-to-income ratio for loan approval decisions.
  3. Lender and Employer Communication: It facilitates direct communication between the lender and the borrower's employer, which helps prevent fraud.
  4. Part of Underwriting Process: The Verification of Employment is a standard part of the underwriting process for Fannie Mae conforming loans, helping lenders comply with Fannie’s underwriting guidelines for income verification.
  5. Use in Various Employment Situations: The form is versatile and can be used for borrowers with different types of employment, including self-employment. Additional documentation may be required for self-employed individuals.

The information gathered through Fannie Mae Form 30 helps lenders accelerate the process of approving a loan.

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