Wells Fargo Employment Verification: Mortgage Application Process

Wells Fargo is a banking service that offers mortgages to its customers. The company has a process in place to verify the employment of its customers when they apply for a mortgage. This process is secure, automated, and cost-effective, and most employees are verified within 24 hours. Wells Fargo requires customers to submit various documents to verify their income, including W-2 forms, federal income tax returns, and tax transcripts. The company also offers prequalification for mortgages, which helps customers understand their potential loan amount, monthly payments, and interest rates.

Wells Fargo's employment verification process

Wells Fargo offers a range of financial services, including mortgages, to its over 70 million customers worldwide. The bank has a comprehensive employment verification process in place, which is often required for customers seeking mortgage assistance or loans. This process is secure, automated, and cost-effective, with most employees being verified within 24 hours.

The verification process is facilitated by Truework, Truv, and similar platforms. These services are authorised to verify both employment and income for Wells Fargo employees. The process is straightforward, requiring the correct legal entity name as listed on the employee's documentation. This can include the employee's name, address, and other personal information.

For mortgage applications, Wells Fargo may require verification of employment income, business expenses, and investment and retirement income, among other sources of income. This is typically done through tax returns (IRS Form 1040) and accompanying schedules and forms. Additionally, Wells Fargo may request permission to obtain and share tax return information with the Internal Revenue Service (IRS).

In the case of homeowner assistance, Wells Fargo may request additional documentation, such as proof of distributions, W-2 forms, and other relevant legal documents. The specific requirements vary based on the individual's circumstances, and a home preservation specialist guides the process.

Wells Fargo also offers prequalification for mortgages, which simplifies the home-buying process and provides potential loan amounts, monthly payments, and interest rates. This service can be accessed through the Wells Fargo online platform or mobile app, making it convenient for customers to manage their financial needs.

Tax return information

Wells Fargo requires tax return information to verify your income from various sources, including employment income, business expenses, and investment and retirement income. You may be asked to provide copies of recent federal income tax returns (IRS Form 1040) or tax transcripts. Additionally, you may need to submit IRS Form W-2 to verify your wages and taxes withheld by your employer for the previous calendar year.

If you are self-employed, Wells Fargo can verify your income by obtaining tax return transcripts directly from the IRS. This is a common method for mortgage lenders to confirm self-employment income. They may also contact your employer directly and request income information and related documentation. Typically, lenders will verify your employment again on the day of the closing.

Wells Fargo provides a range of mortgage products and services, including conventional loans and FHA loans. They offer prequalification, which can be advantageous when searching for homes as it demonstrates to sellers that you are a serious buyer. Additionally, Wells Fargo provides online mortgage applications and home mortgage consultants to assist you in choosing the right loan for your needs.

It is important to note that Wells Fargo does not provide tax or legal advice. They can, however, provide you with the relevant tax documents, such as IRS Forms 1099 and 1098, which report income and interest paid. These documents are typically mailed out by the end of January or by the IRS deadline in February. You can access these documents through the Wells Fargo Mobile app or online.

Mortgage assistance application

If you're seeking mortgage assistance from Wells Fargo, there are several documents you may need to provide. These documents are necessary to verify your income sources, expenses, debts, and other financial information. Here is a detailed guide to help you through the process:

Income Verification:

Wells Fargo requires verification of your income as part of the mortgage assistance application process. You may be asked to provide recent federal income tax returns (IRS Form 1040) and accompanying schedules. This includes verifying employment income, business expenses, and investment or retirement income. Additionally, you may need to submit specific forms, such as W-2, to verify your wages, taxes withheld, and monthly income. If you receive income from child support, alimony, or separate maintenance payments, you may need to provide verification of these amounts as well.

Expenses and Debt:

Wells Fargo will also need information about your monthly household expenses and debts. This includes a breakdown of your regular expenses and any outstanding loans or debts you may have. You may be required to provide details about your credit card balances, personal loans, car loans, student loans, or any other financial obligations. This information helps Wells Fargo understand your financial obligations and assess your ability to manage your mortgage payments.

Property Information:

When applying for mortgage assistance, you will need to provide details about the property in question. This includes information such as the property address, type, value, and any existing mortgages or liens on the property. Wells Fargo will also want to know about your plans for the property, such as whether you intend to occupy it as your primary residence or use it as an investment property.

Co-Borrowers and Hardship Explanation:

If you have a co-borrower on the mortgage, you will need to provide information about them as well. This includes their personal and financial details, such as name, address, income, and employment information. Additionally, as part of the mortgage assistance application, you will need to explain the reasons for your financial hardship. This explanation helps Wells Fargo understand your situation and determine the best course of action to assist you.

Additional Documentation:

Depending on your specific circumstances, Wells Fargo may request additional documentation. For example, if you are divorced, you may need to submit a legal document certifying the termination of your marriage and outlining any obligations for paying mortgages or other debts arising from the divorce agreement. If you are a non-resident alien, you may be asked to provide specific Internal Revenue Service (IRS) forms, such as W-8BEN or W-8ECI, to verify your tax status.

Remember, the specific documents required may vary depending on your situation, so it is essential to consult with a Wells Fargo representative or your home preservation specialist. They can guide you through the mortgage assistance application process and ensure you provide all the necessary information and documentation.

Verification of deposit

Wells Fargo requires various documents to verify income and employment for mortgage applications. These include W-2 forms, federal income tax returns (IRS Form 1040), and other tax documents.

Now, for the Verification of Deposit:

A Verification of Deposit (VoD) is a document that a mortgage lender uses to obtain proof of a borrower's bank balance(s). This is a standard procedure for mortgage applications, with lenders requesting VoDs directly from the borrower's bank or financial institution. The VoD provides current data on the borrower's account, including the status and balance, as well as two months' worth of average bank balances. This helps lenders assess the borrower's financial situation and creditworthiness.

Loan applicants are required to sign an authorization form, permitting their bank to disclose this information to the lender. In the case of a first mortgage, each listed bank must send the VoD directly to the lender without the borrower's involvement. For second mortgage applications, borrowers may submit VoD requests to their banks, but the completed information must still be sent independently by the bank to the lender.

The VoD process can be streamlined with an umbrella authorization form, allowing the lender to request information from multiple institutions without requiring the borrower to sign multiple forms. Lenders may also accept alternative forms of verification, such as printouts or online statements, as long as they include the necessary details like the account number, balance, and date. It is important to note that if a bank statement is older than 45 days, lenders may request a more recent form to ensure accurate and up-to-date information.

Protecting yourself from wire fraud

Wire transfers are a common method used by fraudsters to steal money as the transaction is difficult to reverse. Here are some tips to protect yourself from wire fraud:

• Always be cautious of unexpected requests for money transfers. Do not take any action without carefully verifying the legitimacy of the request.
• Be wary of offers that seem too good to be true, such as guaranteed returns or "no-risk" investments in cryptocurrency, gold, or foreign real estate.
• Be cautious of last-minute changes to real estate wire instructions. Scammers may impersonate real estate agents or mortgage brokers and change wiring instructions to steal your money.
• Never wire funds to fix a supposed account problem. Wells Fargo and other legitimate businesses will never ask you to wire money to resolve an account issue.
• Be cautious of overpayment schemes. If you receive a check followed by a request to wire back excess funds, it is likely a scam.
• Never respond to or click on any links in suspicious emails or texts claiming to be from Wells Fargo.
• Do not share your temporary access code with anyone. Wells Fargo will not call or text you requesting this information.
• Keep your security patches, antivirus and malware removal programs, browser versions, mobile apps, and plugins up-to-date on all your devices.
• Use strong, unique passwords for your accounts that are not based on easily guessable information such as your favourite musician.

Wells Fargo offers multiple security measures to protect your accounts, including 24/7 fraud monitoring, advanced access codes, and various fraud protection services such as Perfect Receivables® and Fraud Manager.

Frequently asked questions