When applying for a new mortgage or refinancing, lenders often require a Verification of Mortgage (VOM) to confirm your payment history on an existing loan. This official document is sent from your prospective lender to your current mortgage servicer, providing detailed information about your mortgage status and payment record over the past 12 to 24 months.
The VOM plays a critical role in underwriting by ensuring the information on your application matches your actual payment behavior. It includes details such as your loan balance, monthly payment breakdown (principal, interest, taxes, and insurance), and any late payments, which lenders use to evaluate your risk profile.
Lenders commonly request a VOM in situations where your mortgage isn’t reported to credit bureaus, such as with private loans, or when obtaining government-backed loans like FHA or VA mortgages that have stricter documentation requirements. It’s also essential when your credit report is incomplete or if your loan is manually underwritten due to unique financial circumstances.
The process involves you authorizing your new lender to contact your mortgage servicer, who then completes and returns the VOM form. While fees or delays can occur, lenders often suggest alternatives like canceled checks or bank statements if a VOM can’t be obtained.
By offering direct verification of your mortgage payments, a VOM helps lenders make informed decisions, ultimately supporting your loan approval. For further understanding of related verification processes, see our glossary on Verification of Income (VOI) and Mortgage Underwriting.
For authoritative information, visit the Consumer Financial Protection Bureau.