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Financing · Fannie Mae B3-3.1-04Verbal verification of employment: why a job change before closing is risky

Lenders confirm the borrower is still employed as late as possible. On a Fannie Mae loan, a verbal verification of employment (VOE) is required for every borrower who qualifies with employment, Schedule K-1 (under 25% ownership) or self-employment income. For employment income, the lender must verify employment no more than 10 business days before the note date – up to 15 business days when it relies on documentation dated within 15 business days that shows the most recent pay period. For self-employment or K-1 income under 25% ownership, the VOE must be done within 120 calendar days before the note date and confirm the business exists and the borrower still does the same work. The check can be done by phone, in writing or through a verification vendor, and the lender may even complete it after closing, before the loan is delivered – if it cannot, the loan cannot be sold to Fannie Mae.

How close to closing (B3-3.1-04)

  1. Employees

    No more than 10 business days before the note date.

  2. Fresh paystub-type proof

    Up to 15 business days when documentation dated within 15 business days reflects the latest pay period.

  3. Military

    A Leave and Earnings Statement dated within 120 days of the note date.

  4. Self-employed / K-1 <25%

    Within 120 calendar days before the note date, confirming the business exists.

  5. DU validation

    When DU validates employment, its message gives a close-by date instead.

What to tell the buyer before closing

  • Do not change jobs, quit, or move from salary to commission without telling the lender first.
  • Tell HR or payroll a lender may call to confirm employment.
  • Self-employed buyers: keep the business license, website or CPA letter current.

What the TC does

  • Ask the loan officer when the VOE will be done and note it near the closing date.
  • If closing moves, ask whether the VOE or a DU close-by date must be redone.
  • Note that temporary leave confirmed by the employer still counts as employed.

Questions buyers ask

Do lenders verify employment right before closing?

Yes. On a Fannie Mae loan, employment income must be verified no more than 10 business days before the note date (B3-3.1-04).

Can I change jobs before closing?

Talk to your lender first. The lender re-confirms employment as late as possible and must resolve any change before the loan can be sold to Fannie Mae.

How is a self-employed buyer verified?

Within 120 calendar days before the note date, the lender confirms the business exists and that the borrower still does the same income-earning work.

Related guides

ClosingCode's loan update message asks your buyer, in English or Spanish, to send the lender's documents quickly and avoid new credit before closing – you review it and send it.

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Source: Fannie Mae Selling Guide B3-3.1-04, Verbal Verification of Employment (10/07/2026), selling-guide.fanniemae.com, read October 25, 2026.

General information about Fannie Mae conventional loans, not legal or financial advice. FHA, VA, USDA and other investors have their own rules, and the lender can be stricter. ClosingCode is software; it is not a lender. This guide is not a substitute for the advice or services of an attorney.