Seems like this would’ve been a good idea all along (from Marianne Lane, Coldwell Banker Mortgage):
Lenders will now be required to independently obtain a phone number and address for the Borrowers employer (via Website, Phone Book, Etc). If the borrower is self-employed, in addition to verifying the business’s existence on the web or phone book, we will be required to verify the existence of the borrower’s business within 30 days prior to the note date from a third party, such as a CPA, regulatory agency, or the applicable licensing bureau. This information must be verified by a 3rd party and cannot be verified with the borrower directly.
What if a company is not listed in a phone book – or (hard to believe but true) not found on the web? How is the self-employed borrower then verified?
It was always a tad more difficult to get a loan as a self-employed borrower, but be prepared for it to get even tighter.
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