When Verification of Mortgage is Required
The two most common situations where a VOM is required are:
- When refinancing a mortgage with a new lender.
- When applying for a mortgage to buy a new home.
VERIFICATION OF MORTGAGE
Mortgage Company [COMPANY NAME]
Name [REQUESTOR NAME]
Company [COMPANY NAME]
RE: [OWNER NAME] Mortgage Number [MORTGAGE #]
Address [ADDRESS] Phone [PHONE #]
I, [OWNER NAME], hereby authorize you to provide [REQUESTOR NAME] with the mortgage information listed below and any other pertinent information they may require. Please return this form to the above address as soon as possible. Thank you.
Signature ________________________ Date [MM/DD/YYYY] Print [OWNER NAME]
1. Original mortgage amount: $[#] Current mortgage balance: $[#]
2. Does this include accrued interest? ☐ Yes ☐ No
How much accrued interest? $[#]
3. Mortgage Payment $[#] P.I.T.I. or P.I.T. (excluding insurance) per [PAYMENT PERIOD].
4. Arrears if any $[#] Date of last payment [MM/DD/YYYY]
5. Number of late payments: [#]
6. If applicable, what is the tax account balance? $[#]
7. Interest rate of mortgage: [#]% Term renewal date: [MM/DD/YYYY]
8. Is this an insured mortgage? (i.e. CMHC, GEMICO) ☐ Yes ☐ No
9. What is the remaining amortization of the mortgage? [#] years.
10. Can the mortgage be paid out and remortgaged with your company? ☐ Yes ☐ No
The payout penalty, if any: [PAYOUT PENALTY]
11. Can this mortgage be assumed without qualifying? ☐ Yes ☐ No
12. Do you have a copy of the Survey Certification or the Real Property Report?
☐ Yes ☐ No – If yes, please enclose a photocopy for the benefit of your client.
13. Please indicate if there are any other special terms or prepayment privileges of this mortgage. [OTHER TERMS]
Signature ________________________ Date [MM/DD/YYYY]
Title [RECIPIENT TITLE]
A VOM is one of the ways that lenders will assess a borrower’s payment history and existing mortgages. In the pre-approval process for a new home loan, a borrower will often be required to have the following forms completed and submitted to the mortgage company:
Obtaining third-party verification of the borrower’s payment history, income, and existing mortgage accounts helps the lender determine their loan eligibility.
How the Form is Used
A mortgage company can often verify a homeowner or buyer’s mortgage payment history by reviewing their mortgage statements or obtaining a credit report. The mortgage verification form is a third method lenders can use to obtain important information regarding the borrower’s account. The process is usually carried out as follows:
- The mortgage company requesting VOM fills out the contact and addressee information on the verification form.
- The borrower fills out and signs the Owner’s Consent.
- The form is sent to the borrower’s previous mortgage company.
- A mortgage company representative enters the requested information and signs the form.
- The mortgage company returns the form to the requesting company.
- The form is reviewed to determine if the borrower’s mortgage request can be approved.