Employment Verification Letter Requests Spike Up After Recent Deadline

This from ‘anonymous’, via e-mail to VREAA, 16 Apr 2011 – “I work for a company that employs just over 20,000 people in BC, the bulk of whom live in the lower mainland. I work in a department that deals with the types of requests I will describe to you.  Basically, in the weeks that followed the week of March 18 [2011] (mortgage rule change date) We were INUNDATED with request to supply letters for employees to bring to banks to verify employment, wages and such (for mortgages, of course, and yes I ask what the letters are for to distinguish what needs to be written). We usually get maybe 10 or so requests a week, but for that week AFTER March 18, woah! Major increase in general, and for a few days we were getting 20-30 requests a day. It has slowed down a lot now, maybe just a little above the norm.  I just don’t get it, why the increase after the deadline?  I realize that out of 20 000 people 20-30 requests a day might not sound major, but it still caught my attention.”

2 Responses to Employment Verification Letter Requests Spike Up After Recent Deadline

  1. Helocs are no longer insured by the CMHC, so banks may actually start to care about credit risk now.

  2. 20-30 requests daily is actually quite a significant number– if that pace was to be maintained for a year, that would result in one third of that organization’s employees requesting such a letter. Crazy…

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