Cleared to close...verification of employment before closing for 1099/self employed (loan, loan)

[tomzelinski]

Hey guys recently cleared to close with a loan with my wife. She is a w2 employee making enough to qualify for the loan herself, but i am also on the loan. I am a 1099-independent contractor working mostly with 1 company. Provided all my tax form returns 2 years and bank statements and such so we got cleared to close. Should be closing in about 2 weeks. From my understanding the lenders do a VOE days before closing. My question is how is that done for 1099/self employed people, if at all.

-Tom

[Pfhtex]

Just as at the beginning of the process, the Business Licence is checked to make sure it has not expired. If you are 1099'd, the current employer is called to make sure you still work there. It's generally a last-minute formality.