As a mortgage broker, you’re always looking for flexible loan solutions that help more clients achieve homeownership. One powerful tool that can open doors for self-employed borrowers and commission-based earners is the Written Verification of Employment (WVOE) loan. If you’re not offering WVOE loans yet, you could be missing out on a huge opportunity to grow your business.
What Are WVOE Loans?
WVOE loans allow borrowers to qualify for a mortgage based on a written verification of employment from their employer instead of traditional income documentation like tax returns or pay stubs. This is especially beneficial for clients who have fluctuating incomes, high deductions, or non-traditional earnings that don’t always reflect their true financial strength.
How WVOE Loans Help Your Clients
- Ideal for Self-Employed and Commission-Based Earners – Many borrowers, especially those who work in sales, real estate, or own businesses, struggle to qualify under traditional guidelines. WVOE loans simplify the process by focusing on employment verification rather than tax returns.
- No Need for Tax Returns or W-2s – Traditional loan programs often require multiple years of tax returns, which may not always show a borrower’s true income due to write-offs and deductions. WVOE loans eliminate this hurdle, making it easier for borrowers to qualify.
- Faster Approvals – Since WVOE loans streamline income verification, the underwriting process is often quicker than standard documentation-heavy loans. That means faster closings and happier clients.
- Expands Your Client Base – Offering WVOE loans allows you to serve more borrowers who may have been denied elsewhere due to income documentation issues. This gives you a competitive edge and increases your referral opportunities.
Why Mortgage Brokers Should Leverage WVOE Loans
As a wholesale mortgage broker, adding WVOE loans to your portfolio can significantly boost your business. These loans help you provide solutions for clients who might otherwise be overlooked by traditional lenders. Plus, they offer a smoother, more efficient process that benefits both you and your borrowers.
By partnering with a wholesale lender that specializes in WVOE loans, you can unlock new revenue streams, close more deals, and strengthen your reputation as a broker who finds solutions for all types of borrowers.
Are you ready to expand your lending options? Start offering WVOE loans today and watch your business grow!
Steven Ho is a seasoned loan officer specialized in NonQM industry with close to 20 years experience.
Grew up in NYC and familiar with the wide array of lending products designed for the underserved community of borrowers.