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Mortgage Super Brokers > Library & Listings > Glossary > Definition: Verification of Employment (VOE)
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Canadian Financial, Real Estate and Mortgage Glossary
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Verification of Employment
|Synonyms:||job letter, proof of employment, work statement|
|Filed Under:||financial-banking, legal-contracts, mortgages|
|Tags:||credit, employment, qualification|
Definition of verification of employment (VOE)
- verification of employment (VOE)
- 1. Confirmation from a place of employment that verifies a loan applicant is being truthful about where he or she works and about the salary he or she earns.
Related Terms and Acronyms:
- document needs list An inventory of papers a lender needs to underwrite a loan, usually including pay-cheque stubs, bank statements and tax returns.
- full income verification A requirement for fully documented proof of income; loans of this type usually offer lower interest rates than no-income or "no-doc" verification loans.
- low-documentation loan A mortgage that requires less income or asset verification than conventional loans. Low-documentation loans are designed for the entrepreneur or self-employed, for recent immigrants, or for borrowers who cannot or choose not to reveal their financial information. A substantial down payment and excellent credit history are generally required. This type of loan will also yield a higher interest rate.
- no-documentation loan A mortgage in which the applicant provides a minimum of information -- name, address, Social Insurance number (so credit reports can be pulled), and contact information for an employer, if there is one. The underwriter decides on the loan based on the applicant's credit history, the appraised value of the house and size of down payment.
- non-resident alien (NRA) A person who is not a permanent resident or a citizen of Canada, and who is generally taxed on income from Canadian resources.
- resident alien A person who is a legal permanent resident, but not a citizen, of Canada.
social insurance number (SIN)
Every person who has an income or pays taxes must apply for this number, which is assigned by the Government of Canada. You must, by law, provide this number to financial institutions with which you have an interest-bearing deposit account.
➥ A nine-digit number that you need to work in Canada or to have access to government programs and benefits. Banks may also request your SIN for tax purposes or to verify credit checks.
- solicitor information When you apply for a mortgage you will need a law firm with a lawyer's name and their contact information which would typically include the office location, phone number, fax number and e-mail address.
- unemployment rate The percentage of the labour force that is not employed but currently seeking work.
- verbal verification of employment (VVOE)
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