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..................Michael King
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VOE Charge
Question
We are refinancing our home and recently received our preliminary loan
closing statement. Everything looks OK except for a $90 charge listed
for "VOE." What is this charge for?
Answer
"VOE" is lender jargon for the verification-of-employment
forms a bank sends to a loan applicant's employer. The one-page form
asks the employer to confirm that the borrower indeed works for the
company, how much is earned and the like. Most banks don't charge for
mailing out and processing their VOEs, or simply include the cost as
part of their loan-origination fee or points. Frankly, it seems to me
that your bank is trying to tack on a few extra bucks to it s financing
charges. Although the proposed $90 fee probably isn't worth canceling
the refinancing and looking for a new lender, you should at least call
the bank and ask that the charge be removed. My guess is that the lender
will be willing to grant your request in order to help close the deal
and start the relationship on a positive note.
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