Why does a bank need your work address for mortgage loan if they do verbal VOE? What if the address is wrong?

The bank or lender want to verify that a legal business exist at the address you provide. They also want to see if the address on the pay stubs match the address you provide on your loan mortgage loan application. This also is a way of preventing fraud to a certain extent.

If you have been pre-approved by Bank of America for a home mortgage loan, you simply have to find a house, get an appraisal completed and provide the other necessary information and documents to complete the mortgage loan application.

Since your application has been pre-approved Bank of America has completed you income check and apparently everything is alright.

I hope this has been of some benefit to you, good luck.

"FIGHT ON"

If you read all the papers they sent you, you'd see that they reserve the right to verify employment and income just before closing.

Your father's income may be enough to support the loan, but without knowing his debt ratio and your debts, income and ratio, there's no way to tell.

Since you're moving to Nashville, does that mean you're being transferred or does it mean you won't have a job? Your employment is a condition of the loan. The lender wants an address to verify the employer is really an employer and not some old fraternity brother. If they've never heard of the employer, they'll check the state records until they find evidence of the business, letters of incorporation, licenses, whatever it takes.

There are 3 parts to approval. First is you. They decision the loan based on the information you provide and the credit reports. If these things seem ok, you may be conditionally approved. The conditions are that the information you gave them can be verified, and that the chain of title is ok and the house has enough value to meet the loan-to-value ratio. Not until all three parts are complete are you actually approved.

So far, all you have is a conditional approval. The lender isn't giving you any money on your say-so. They need to see for themselves. Bank of America is very cautious about mortgages.

Loan documents that the underwriters work from have to be complete. When they start the verification process they will do the current employer verification verbally. It is usually performed by fax on sole applicants when written verification is chosen. They will call your employer and ask if your gainfully employed at current time with their company. It appears your simply a co-signor co applicant on the loan so your fathers income history is most important. B of A isn't typically a table funding bank so upon all parties signing at escrow the docs will be expressed to the bank for final review and funded upon such. Signing by the buyers is not closing unless it is an all cash deal or the lender table funds. Closing is when the funds are available to the seller. A simple correction or address update is not a big thing unless it looks like purposeful fraud on the original application. I dont see anywhere in your question that you are seeking a loan so I have to wonder myself why all the idiots answering your question are trying to solicit business in their answers. Best of luck to you and congrats on your new home.