My wife and I are in the process of securing a mortgage loan. We’ve submitted all required documents like pay stubs, W2s, and bank statements. Recently, the lender asked why my wife’s job start date was listed as January 2023 and why her W2s from 2022 and 2023 are from different companies. I explained that she has been working at the same restaurant since 2016, which was owned by a franchisee until early 2023 when it was sold back to the corporate. Hence, while the employer’s name on the W2s changed, the job and location remain the same. Should I be worried about this issue, or is my explanation sufficient for the lender?
Your explanation sounds perfectly reasonable. Lenders often verify such details to prepare for the underwriting process. It seems like a standard query that shouldn’t cause any concern as long as the information is accurate and verifiable.
Your explanation should be satisfactory. It’s likely they’ll ask for confirmation from her employer, but it shouldn’t be a major issue.
This situation is quite common and shouldn’t be a problem. An underwriter may request a letter of explanation where you’ll outline the same details you’ve described, but this is a routine check and nothing to stress about.
There’s no need to worry; the lender is just ensuring all job history details are accurate for your application.
I had a similar experience where I switched legal entities within the same company. The loan officer asked for clarification, but the underwriter did not need anything further after my explanation.
As long as your explanation reflects the truth, there’s nothing to worry about. There might be some additional documentation requests to clarify the employment history, but these are standard procedures and not a cause for concern.