Attention Lenders:
This bulletin provides reminders of policy information previously issued via Lender Bulletin 2020-4 on April 2, 2020 related to the Reverification of Employment. This is not a change to the guidelines outlined in the previously issued bulletins, however we kindly request that Participating Lenders review the policies and adhere to the guidelines.
FTHB/Homeward Bound Employment Verification
Employment Verifications should be performed in accordance with all current NJHMFA and Insurer/Guarantor guidelines. Lenders should review and utilize the updated FHA, VA and USDA guidance issued separately in March, 2020.
Additionally, when utilizing “The Work Number” to perform employment verifications, it is important to pay attention to the last information update made by the employer. If that date falls outside of allowable verification window established by FHA, VA, USDA or NJHMFA, you will need to utilize the alternative employee verification processes provided in the previously mentioned guidance documents. The date on which your team accesses the information from “the Work Number” is not valid for determining adherence to the employment verification guidelines.
Please refer any questions or issues regarding the above to the NJHMFA Business Development Team at [email protected].
