Q: Where should estimated charges for verifications of employment or deposit (VOE/VOD) charged by the borrower’s employer or account holder (not by the loan originator) be disclosed on the GFE?
A: As noted in the April 2, 2010 New RESPA Rule FAQs, these charges should be disclosed in Block 3 of the GFE.
If at the time the loan originator issued the GFE, the loan originator did not know that there would be a VOE/VOD charge from the borrower’s employer, a third party designated by the borrower’s employer, or the borrower’s financial institution can the loan originator issue a revised GFE?
The loan originator may issue a revised GFE reflecting the additional charge for the VOE/VOD in Block 3, so long as the requirements of 24 CFR Part 3500.7(f)(1) are met, including the requirement that the revised GFE must be given within three business days of receiving information of the charge.
Respa Roundup December 2010, which can be found at: